“Wholecoiner” addresses with more than 1 Bitcoin doubled since 2016
According to the analysis provider Glassnode on the chain, there are almost a million addresses that have more than one Bitcoin. Furthermore, the number of “wholecoiner” addresses has doubled since around mid-2016.
It plateaued at just over 800,000 addresses during the last cycle peak, but has increased during the cycle trough in late 2022 and into 2023 as investors accumulated.
This statistic is remarkable because there are more than 56 million millionaires in the world.
But with BTC trading at around $28,000, it will be a long time before a coin will turn an owner into a millionaire!
Binance CEO Changpeng Zhao, who has been a victim of fake news this week, made the observation on April 6.
There are more than 56 million millionaires in the world, and only 1 million people with more than 1 bitcoin. Do the math. pic.twitter.com/H6suIxRkj2
— CZ 🔶 Binance (@cz_binance) 5 April 2023
Bitcoin scarcity leads to demand
Another observation crypto advocates like to make is dividing the total supply of Bitcoins by the world’s population. This works out to around 0.002616 BTC per person, so those with more than one coin are truly a rarity.
The scarcity of the asset with its limited supply has traditionally been a driver of demand. This has been evident in previous cycles, which have been catalyzed by halving events.
The next Bitcoin halving will occur between April and May 2024, depending on which numerator is being referred to. The current block reward of 6.25 BTC will be halved to 3.125 BTC, reducing issuance and making the asset scarcer.
Bitcoin markets have already reached a transition or turning point, as reported by The crypto potato. The slow grind higher is likely to continue this year if history plays out.
The real bull rally should follow the halving event and take place in the latter half of 2024 if past cycles are anything to go by.
Glassnode has just added the Bitcoin Fear and Greed index to its charts to determine market sentiment and compare it to previous tops and bottoms.
Sentiment is currently in a state of “greed” following Bitcoin’s 25% rise over the past month.
We have recently added #Bitcoin Fear and Greed Index, which is now well within Greed territory.
Will this rally push $BTC into extreme greed like 2019 and 2021?
Or be overwhelmed by resistance like March 2020, or the reduction in 2022?
— glassnode (@glassnode) 5 April 2023
BTC Price Outlook
Bitcoin prices have been consolidating for nearly three weeks now, with very little movement since March 18.
The asset is down 1.4% on the day, falling to $28,094 at the time of writing, according to CoinGecko. Support is at the $27,000 level, where it fell on March 28, and long-term resistance is at $30,000, a price not visited since early June.
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