Bitcoin Ownership Surpasses One Million Addresses: Trends, Predictions, and Whale Behavior

Bitcoin's price is not the only significant factor this month; the number of addresses holding at least 1 BTC has surpassed one million.

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These "wholecoiners" have been steadily accumulating since mid-2021, with a consistent upward trend in the number of 1 BTC wallets.

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In 2022, the trend accelerated, increasing the number of wholecoiners by 20%.

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Adam Back, CEO of Blockstream, predicts "hyperbitcoinization" if the trend continues, making it unattainable for many to buy 1 BTC due to its rising price.

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Existing Bitcoin investors have resisted selling during the recent bear market and subsequent recovery, while short-term holders have increased in 2023, fueling optimism for a new Bitcoin bull market.

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Whale wallets holding between 1,000 BTC and 9,999 BTC have shown signs of recovery after a decline in mid-2022.

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Wallets holding 10,000+ BTC have remained within a range since the FTX collapse in November 2022, with 117 such entities currently.

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Large whale wallets continue to have a significant impact on Bitcoin's price due to their trading activities.

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Glassnode data provides insights into the distribution and behavior of Bitcoin holders.

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The increasing number of addresses holding at least 1 BTC reflects growing interest and adoption of Bitcoin as an asset.

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