As a seasoned crypto investor with over a decade of experience, I’ve witnessed firsthand the ebbs and flows of the Bitcoin market. The consistent rise in the number of wholecoiners, now exceeding one million for thirteen consecutive months, is an encouraging sign of growing adoption and confidence in Bitcoin as a store of value.
Since May 13, 2023, when the price of Bitcoin was at $27,000, over a million wallets have held one or more entire Bitcoins without interruption for the past 13 months.
Based on Glassnode’s latest report, approximately 1,010,800 unique Bitcoin wallets hold a minimum of one bitcoin. This number has been increasing, although it is important to note that each wallet address may not represent a single individual, as some users manage multiple addresses.
On January 1st of this year, the greatest number of wholecoiner addresses came into existence, exceeding 1,224,000. This figure signifies a significant surge in the number of individuals holding Bitcoins, with the cryptocurrency’s price having doubled from May 2023.
Although around 12.2 million Bitcoins out of the total 19.7 million are currently being traded on exchanges, the remaining 7.5 million coins are held in cold storage or by long-term investors in wallets outside of major cryptocurrency exchanges like Binance and Coinbase. The value of these stored Bitcoins amounts to approximately $152 billion.
Approximately 3 million Bitcoins, valued at around $80.4 billion, are believed to be irretrievably lost from the Bitcoin economy and society.
In certain cases, the balance of wholecoiner wallets has dropped by over 30,000 on three separate occasions. These significant decreases occurred during March-May 2016, September-December 2018 amidst the bear market, and February-July 2021 following a steep market correction after a growth phase.
The resilience of the one million Bitcoiner benchmark, unyielding to Bitcoin’s price fluctuations, underscores the persistent demand and activity from both retail and institutional investors, thereby solidifying Bitcoin’s role as a cornerstone asset in the cryptocurrency sector.
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2024-06-28 08:37