Growing Wallet Addresses Amid Market Turmoil
In a world where many investors are running for the hills, smaller wallet addresses in the Bitcoin ecosystem are holding their ground and even thriving. Despite the ups and downs of the market, recent reports reveal that the number of Bitcoin wallets holding at least 1 BTC has skyrocketed, reaching an impressive 950,000 according to blockchain analytics firm Glassnode.
The Pleb Perspective: Understanding Accumulation
Bitcoin enthusiasts affectionately dubbed “plebs” are continuing to snatch up Bitcoin, seemingly ignoring the mainstream media’s doom and gloom narrative. Podcast host Jake Woodhouse shares this view: “To the untrained eye, the price of something reflects value, but the current market data tells another story.” The mantra among these plebs? Stack those sats! Many are seeing the recent price drop as a golden opportunity rather than a cause for panic.
Self-Custody: The New Normal
Woodhouse also raises an important point about self-custody. With a history of exchange scandals like the FTX collapse, many Bitcoin users are now opting to keep their assets in self-custody solutions. “How many of these BTC are in self-custody never to be moved again? My bet: the majority,” he notes. This shift towards self-custody reflects a growing conviction among investors, highlighting their determination to protect their assets.
Exchange Trends: A Downward Spiral
Glassnode’s data shows a notable decline in Bitcoin held on exchanges, dropping from approximately 2.8 million BTC in January to about 2.3 million in November. This represents a significant decrease in overall supply on trading platforms, with this number now being less than 11% of total mined Bitcoin. This exodus indicates a preference for holding rather than trading, aligning with the self-custody trend observed in the community.
Words of Wisdom from Bitcoin Bull Michael Saylor
Billionaire Bitcoin advocate Michael Saylor has weighed in on the current bear market, emphasizing patience over panic. “Relax and focus on the bigger picture,” Saylor advises potential buyers. His calm demeanor is a reminder that while the market may be in turmoil, a true believer in Bitcoin must maintain perspective and trust in the technology’s potential.
