Bitcoin addresses with 1 BTC or more reach a million: Glassnode
The number of Bitcoin (BTC) wallet addresses containing a whole BTC or more has crossed the one million mark.
The milestone of one million wholecoins was reached on May 13, according to data from Glassnode.
As the price of Bitcoin fell more than 65% over the past year, the number of wallet addresses with one Bitcoin or more increased, with the most notable increases during an acute market crash in June and from November 11, the date FTX collapsed and subsequently filed for bankruptcy.
A total of 190,000 or so wholecoiners were added as of early February 2022 as the price of Bitcoin fell from its November 2021 peaks.
Glassnode co-founder @Negentropic informed his 54,000 Twitter followers that the best time to buy Bitcoin is when there is “blood in the streets.”
His comments come in the wake of a series of major bank collapses in the US, as well as the Fed looking to potentially halt rate hikes in the coming months. These are some of the reasons why Glassnode said it “remains confident” that Bitcoin can reach a price of $35,000 in the medium term.
While the round number “one million” marks another notch in the record books, it is worth pointing out that one Bitcoin wallet address does not always represent a single person.
Many crypto investors have multiple Bitcoin addresses, and other addresses belong to large institutions such as cryptocurrency exchanges and investment companies that typically own large sums of Bitcoin.
Related: Bitcoin Price Hits $27.2K, But New Analysis Warns More Losses ‘Likely’
According to data from crypto analytics provider CoinGlass, of the approximately 19 million Bitcoins currently in circulation, 1.89 million of those BTC – worth $50.7 billion – are held on large centralized exchanges such as Binance and Coinbase.
Furthermore, a staggering 3 million BTC — worth $80.4 billion and accounting for 17% of the total circulating supply — are “lost forever” according to estimates from Glassnode, which pulls the figure from a combination of data including BTC sent to “burning addresses,” wallets with lost keys and large accounts that have been untouched for more than a decade.
Magazine: Cryptocurrency Trading Addiction — What to Look for and How to Treat It
