Mile High Club for Bitcoin Holders
The world of Bitcoin is having a mini-celebration as the number of wallets with at least one full Bitcoin (BTC) has officially crossed the one million threshold. Who would have thought that a cryptocurrency known for wild price swings could also build such a substantial community of “wholecoiners”? This milestone was achieved on May 13, as reported by Glassnode, making it quite the achievement for those holding down the fort in these turbulent times.
A Rollercoaster Year for Bitcoin
It’s no secret that Bitcoin had a tumultuous ride last year, falling over 65% in value. However, like ants marching toward a picnic, the number of Bitcoin wallets holding one coin or more skyrocketed during major market downturns. Notably, there were significant jumps during the market crash in June and after the dramatic collapse of FTX on November 11.
Wholecoiners on the Rise
In the blissfully chaotic bubble of February 2022, around 190,000 new wholecoiners joined the ranks amid price drops following late 2021’s soaring highs. Glassnode co-founder Negentropic sparked quite the discussion on Twitter, suggesting that these periods of market despair might be the opportune moments to buy into Bitcoin. His catchy quote, “buy when there’s blood in the streets,” might sound morbid, but many crypto enthusiasts took it to heart (and their wallets).
Institutional Influence and the Collective
Reaching one million wallets is impressive, but let’s not forget that multiple addresses don’t necessarily mean multiple minds. Many investors juggle numerous Bitcoin addresses, while sizable chunks are often snatched up by institutions like exchanges and investment firms that hoard considerable amounts. As per CoinGlass, of the approximately 19 million BTC in circulation, notable statistics reveal that 1.89 million BTC (valued at about $50.7 billion) are chilling on mainstream centralized exchanges. Talk about a Bitcoin block party!
The Lost Bitcoins: A Tragic Love Story
Now for the dramatic twist. It’s estimated that around 3 million BTC — worth a jaw-dropping $80.4 billion — are forever lost. Reports suggest these coins are sitting pretty in the virtual graveyard, thanks to actions like sending them to burn addresses, losing keys, or simply being forgotten in a wallet that hasn’t felt the warmth of a transaction in over a decade. So, if you’re cleaning out your old wallets, maybe check if you’ve misplaced a few BTC along the way!
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