Bitcoin Wholecoiners Surpass 1 Million

The number of Bitcoin wallet addresses holding one whole BTC or more has surpassed the one million mark, according to data from Glassnode. This milestone was reached on May 13, 2023.

The price of Bitcoin has fallen more than 65% over the course of the last year, but this has not stopped investors from accumulating the cryptocurrency. In fact, the number of wallet addresses holding one Bitcoin or more has spiked during periods of market volatility.

The most notable surges in the number of wholecoiners occurred during the market crash in June 2022 and on November 11, 2022, when the cryptocurrency exchange FTX collapsed and subsequently filed for bankruptcy. In total, a whopping 190,000 or so wholecoiners were added from early February 2022 to May 13, 2023, as the price of Bitcoin fell from its November 2021 highs.

Glassnode co-founder Negentropic believes that the best time to buy Bitcoin is when there is “blood in the streets.” He argues that this is when prices are most attractive and when investors are most likely to panic sell. Negentropic’s comments come in the wake of numerous major bank collapses in the United States, as well as the Federal Reserve’s (Fed) decision to potentially pause interest rate hikes in the coming months.

Glassnode remains confident that Bitcoin can reach a price of $35,000 in the mid-term. The firm cites the following reasons for its optimism:

The number of wholecoiners is increasing, which indicates that institutional investors are accumulating Bitcoin.

The Bitcoin network is becoming more decentralized, which makes it more resistant to attack.

The adoption of Bitcoin is increasing, as more businesses and individuals are beginning to use the cryptocurrency.

Only time will tell if Glassnode is correct in its predictions. However, the increasing number of wholecoiners is a bullish sign for the future of Bitcoin.