Bitcoin addresses holding 1 BTC or more reach one million: Glassnode

The number of bitcoin (BTC) wallet addresses holding a whole BTC or more has passed the one million mark.

The one million Holcoiner milestone was reached on May 13th statistics From Glassnode.

As the price of bitcoin fell by more than 65% during the past year, the number of wallet addresses holding one bitcoin or more spiked to FTX, with the most notable increase occurring during an intense market crash in June and since November 11. and later filed for bankruptcy.

A total of 190,000 or so bulk coins were added since the beginning of February, 2022, as the bitcoin price fell from its November 2021 high.

glassnode cofounder @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 several major banks in the United States collapsing as well as the Fed potentially holding off on raising interest rates in the coming months. These are some of the reasons why Glassnode said it “remains confident” that bitcoin could reach a price of $35,000 in the medium term.

“Buy when there’s blood in the streets.”

$25.8k still remains a possibility, as indicated by the options market

There is confidence in our mid-term outlook of $35k as external pressures subside.

Market Pricing Fed pause in June, no rate cut – optimum for run to $35k for … pic.twitter.com/xBnIyHK5A0

— (@Negentropic_) 12 May 2023

While the round number “one million” marks a new milestone in the record books, it’s worth pointing out that a bitcoin wallet address doesn’t always represent an individual.

Many crypto investors have multiple bitcoin addresses and other addresses belong to major institutions such as cryptocurrency exchanges and investment firms that usually hold large sums of bitcoin.

Connected: Bitcoin price hits $27.2K, but new analysis warns of ‘potential’ for more losses

According to statistics From crypto analytics provider CoinGlass, there are approximately 19 million bitcoins currently in circulation, of which 1.89 million BTC – worth $50.7 billion – are held on major centralized exchanges such as Binance and Coinbase.

In addition, a staggering 3 million BTC – worth $80.4 billion and 17% of the total circulating supply – have been “lost forever”, according to Estimate From Glassnode, which pulls the figure from a combination of data including BTC sent to “burn addresses”, wallets with lost keys and large accounts that have remained untouched for more than a decade.

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