{"id":18637,"date":"2023-05-15T01:39:50","date_gmt":"2023-05-15T01:39:50","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/bitcoin-addresses-holding-1-btc-or-more-reach-one-million-glassnode\/"},"modified":"2023-05-15T01:39:52","modified_gmt":"2023-05-15T01:39:52","slug":"bitcoin-addresses-holding-1-btc-or-more-reach-one-million-glassnode","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/bitcoin-addresses-holding-1-btc-or-more-reach-one-million-glassnode\/","title":{"rendered":"Bitcoin addresses holding 1 BTC or more reach one million: Glassnode"},"content":{"rendered":"
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The number of Bitcoin (BTC) wallet addresses holding one whole BTC or more has surpassed the one million mark.\u00a0<\/p>\n

The one million wholecoiner milestone was reached on May 13, according to data from Glassnode.<\/p>\n

Number of Bitcoin wallets holding more than 1 Bitcoin since inception. Source: <\/em>Glassnode<\/em>.<\/em><\/figcaption><\/figure>\n

As the price of Bitcoin fell more than 65% over the course of last year, the number of wallet addresses holding one Bitcoin or more spiked, with the most notable surges occurring during an acute market crash in June and from November 11, the date that FTX collapsed and subsequently filed for bankruptcy. <\/p>\n

In total, a whopping 190,000 or so wholecoiners were added from early-February, 2022 as the price of Bitcoin fell from its November 2021 highs.\u00a0<\/p>\n

Glassnode cofounder @Negentropic<\/a>\u00a0informed his 54,000 Twitter followers that the best time to buy Bitcoin is when there\u2019s \u201cblood in the streets.\u201d <\/p>\n

His comments come in the wake of numerous major bank collapses in the United States, as well as the Fed looking to potentially pause interest rate hikes in the coming months. These are some of the reasons why Glassnode said that it \u201cremains confident\u201d Bitcoin can reach a price of $35,000 in the mid-term. <\/p>\n

\n

“Buy when there is Blood in the streets.”<\/p>\n

$25.8k still remains a possibility, as indicated by the options market<\/p>\n

Confident in our mid-term outlook of $35k as external pressures subside.<\/p>\n

Market pricing Fed pause in June, no rate cut – optimal for the run to $35k for\u2026 pic.twitter.com\/xBnIyHK5A0<\/a><\/p>\n

\u2014 (@Negentropic_) May 12, 2023<\/a><\/p><\/blockquote>\n

While the round number \u201cone million\u201d marks a new notch in the record books, it\u2019s worth pointing out that one Bitcoin wallet address doesn\u2019t always represent a single person.<\/p>\n

Many crypto investors have multiple Bitcoin addresses and other addresses belong to major institutions like cryptocurrency exchanges and investment firms that typically own large sums of Bitcoin.<\/p>\n

Related: <\/em><\/strong>Bitcoin price hits $27.2K, but new analysis warns more losses ‘likely’<\/em><\/strong><\/p>\n

According to data from crypto analytics provider CoinGlass, of the roughly 19 million Bitcoin currently in circulation, 1.89 million of these BTC \u2014 worth $50.7 billion \u2014 are held on major centralized exchanges such Binance and Coinbase. <\/p>\n

The total number of Bitcoin held on centralized exchanges. Source: CoinGlass.<\/em><\/figcaption><\/figure>\n

Furthermore, a staggering 3 million BTC \u2014 worth $80.4 billion and accounting for 17% of the total circulating supply \u2014 are \u201clost forever\u201d according to estimates from Glassnode, which draws the figure from a combination of data including BTC sent to \u201cburn addresses,\u201d wallets with lost keys and large accounts that have remained untouched for more than a decade. <\/p>\n

Magazine: Cryptocurrency trading addiction \u2014 What to look out for and how it is treated<\/em><\/strong><\/p>\n<\/div>\n