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One Million Bitcoin Addresses With 1 BTC Or More Have Been Reached : Glassnode

2023-05-15 15:24:55

As Bitcoin prices dropped during the course of last year, many purchasers bought inexpensive Bitcoin.

There are now more than one million Bitcoin wallet addresses that contain one Bitcoin or more. According to data from Glassnode, the million wholecoiner benchmark was accomplished on May 13.

The quantity of Bitcoin wallets that have held more than one Bitcoin since their creation. Source: Glassnode

The number of wallet addresses holding one or more Bitcoins increased as the price of Bitcoin dropped more than 65% over the course of last year, with the most notable increases occurring during a severe market crash in June and starting on November 11 when FTX collapsed and afterward filed for bankruptcy. 

Since early February 2022, when the price of Bitcoin began to decline from its peak in November 2021, a staggering 190,000 or so wholecoiners have been added.  The co-founder of Glassnode, @Negentropic, advised his 54,000 Twitter followers that the greatest time to purchase Bitcoin is when there is blood in the streets. His remarks follow a number of significant bank failures in the US and the Fed's possible decision to stop interest rate increases in the next months. These are some of the causes cited by Glassnode as to why it remains confident that Bitcoin will eventually reach a price of $35,000.

Tweet by Negentropic

One Bitcoin wallet address doesn't always correspond to a single individual, despite the fact that the round number one million sets a new record.

Multiple Bitcoin addresses are common among crypto investors, while other addresses are owned by important organizations like cryptocurrency exchanges and investment organizations that frequently have substantial Bitcoin holdings.

Although The Price of Bitcoin Reaches $27.2K, New Research Indicates That Further Losses Are 'Probable'

Of the approximately 19 million Bitcoin that are now in circulation, 1.89 million of them, worth $50.7 billion, are kept on the most centralized exchanges, according to data from cryptocurrency analytics service CoinGlass. In addition, estimates from Glassnode claim that 3 million BTC, worth $80.4 billion and representing 17% of the whole circulating supply, are "lost forever." The company derives this figure from a combination of data, such as BTC sent to "burn addresses," accounts with lost keys, and sizable accounts that have lain dormant for a decade or more.

Disclaimer: FameEX makes no representations on the accuracy or suitability of any official statements made by the exchange regarding the data in this area or any related financial advice.

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