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 hol
ding at least 1 BTC has surpassed one million.
These "wholecoiners" have been steadily accumulating since mid-2021, with a consistent upward trend in the number of 1 BTC wallets.
In 2022, the trend accelerated, increasing the number of wholecoiners by 20%.
Adam Back, CEO of Blockstream, predicts "hyperbitcoinization" if the trend co
ntinues, making it unattainable for many to buy 1 BTC due to its rising price.
Existing Bitcoin investors have resisted selling during the recent bear market and subsequent recovery, while short-term holders have increased in 2023, fu
eling optimism for a new Bitcoin bull market.
Whale wallets holding between 1,000 BTC and 9,999 BTC have shown signs of recovery after a decline in mid-2022.
Wallets holding 10,000+ BTC have remained within a range since the FTX collapse in November 2022, with 117 such
Large whale wallets continue to have a significant impact on Bitcoin's price due to their trading activities.
Glassnode data provides insights into the distribution and behavior of Bitcoin holders.
The increasing number of addresses holding at least 1 BTC reflects growing interest and
adoption of Bitcoin as an asset.
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