The number of Bitcoin wallet holdings of at least 1 BTC reaches an all-time high

This is why you should never boast of being a Bitcoin giant

The number of Bitcoin (BTC) wallets holding 1 BTC is increasing significantly - but only a maximum of 800,000 people currently own a BTC coin.

This data was released on March 28, which put the total number of wallets containing at least 1 BTC - often called "Wholecoiner", at the highest level of all time.

Is Wholecoiner multiplying?

Data from monitoring resources Glassnode showing that 797,420 wallets currently have an balance equal to or greater than one BTC. This number has risen to 101 wallets in the past 24 hours.

However, individuals can own more than one wallet address, meaning that it is unlikely that the other 800,000 wallet addresses will be owned by so many separate individuals. At the same time, those wallet owners may have access to the wallet with a slightly lower balance.

Bitcoin wallet address has 1 BTC or more. Source: Glassnode
Bitcoin wallet address has 1 BTC or more. Source: Glassnode

The trend of an increasing number of wallet addresses held on 1 BTC comes at a time when analysts think large Bitcoin holders - or "whales" - are accumulating thanks to the low price in March.

This phenomenon is especially evident among Bitcoin miners, when many small miners are forced to suspend operations due to the sharp decline in the value of BTC resulting in unprofitable mining. A theory endorsed by Keith Wareing of CoinTelegraph shows that miners affected during Bitcoin's $ 3,700 drop this month will accumulate BTC to offset their earnings when mining rewards are halved to 6. , 25 BTC in May.

Traders prefer holding rather than selling BTC

Meanwhile, other statistics show that traders have started withdrawing money from exchanges - a sign of a holding trend and unwilling to sell BTC of traders under current market conditions.

According to Glassnode, the BTC balance of exchanges is at the lowest level since December 2019 - the time when the BTC / USD pair traded at about $ 7,300.

Bitcoin balance chart. Source: Glassnode
Bitcoin balance chart. Source: Glassnode

In the short term, this situation is likely to last. As CoinTelegraph filbfilb analyst said on Saturday, the outlook for the BTC / USD pair seems to depend on the long-term moving average resistance.

"Literally, there is no time frame that I see bulls in a controlling position," he said.

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According to CoinTelegraph
Translated by ToiYeuBitcoin


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