• The number of Bitcoin (BTC) wallet addresses holding one whole BTC or more has surpassed the one million mark.
• The most notable surges in this number occurred during an acute market crash in June and from November 11, the date that FTX collapsed and subsequently filed for bankruptcy.
• Glassnode co-founder Negentropic said that it “remains confident” that Bitcoin can reach a price of $35,000 in the mid-term.
One Million Bitcoin Wallet Addresses Holding One BTC
The number of Bitcoin (BTC) wallet addresses holding one whole BTC or more has surpassed the one million mark on May 13, according to data from Glassnode. This milestone was achieved despite prices falling over 65% throughout last year – with significant spikes occurring during sharp market drops.
Significant Spikes During Market Drops
190,000 ‘wholecoiners’ were added from early February 2022 when prices dropped from its November 2021 highs. This included a notable surge after FTX’s collapse and subsequent bankruptcy filing on November 11th. Glassnode’s co-founder Negentropic commented that buying Bitcoin when there is “blood in the streets” may prove to be beneficial as external pressures subside and a possible $35,000 mid-term outlook is predicted.
Major Institutions Holding Large Amounts of Bitcoin
Data from crypto analytics provider CoinGlass suggests that 1.89 million BTC – worth $50.7 billion – are held on major centralized exchanges such as Binance and Coinbase. Other wallet addresses belong to major institutions like cryptocurrency exchanges and investment firms which typically own large sums of Bitcoin too.
Potential For Further Growth
With an increasing amount of investors taking advantage of low prices due to market crashes, it appears likely that these numbers will continue to grow as people look to gain exposure to cryptocurrency markets without breaking their budget by buying into a full coin’s worth at once. It also means there is potential for further growth when considering how many wallets are owned by major institutional players who could potentially invest even larger amounts into the cryptocurrency space over time if conditions remain favorable for them doing so.
The news that the number of wallets containing 1 BTC or more has now reached 1 million marks an important milestone for both Bitcoin and cryptocurrencies overall – showing just how much potential this asset class has for growth over time as more investors become aware of its advantages compared to traditional investments vehicles such as stocks or bonds