Reading 3 min Views 1 Published Updated
The number of Bitcoin (BTC) wallet addresses containing one bitcoin or more has crossed the one million mark.
According to Glassnode, the milestone of one million wholesale coins was reached on May 13th.
As the price of bitcoin dropped over 65% over the past year, the number of wallet addresses holding one bitcoin or more has skyrocketed, with the most notable spikes occurring during the sharp market crash in June and from November 11, the date when FTX crashed and subsequently declared bankruptcy.
In total, around 190,000 wholesale customers have been added since the beginning of February 2022 as the price of bitcoin fell from its November 2021 high.
Glassnode co-founder @Negentropic told his 54,000 Twitter followers that the best time to buy Bitcoin is when there is “blood on the streets”.
His comments come after multiple major bank failures in the United States and after the Fed is set to put a hold on interest rate hikes in the coming months. Here are some of the reasons why Glassnode said it “remains confident” that bitcoin can hit $35,000 in the medium term.
“Buy when there is Blood in the streets.”
$25.8k still remains a possibility, as indicated by the options market
Confident in our mid-term outlook of $35k as external pressures subside.
Market pricing Fed pause in June, no rate cut – optimal for the run to $35k for… pic.twitter.com/xBnIyHK5A0
— (@Negentropic_) May 12, 2023
While the round number “one million” marks a new milestone in the record book, it’s worth noting that one bitcoin wallet address does not always represent one person.
Many cryptocurrency investors have multiple bitcoin addresses, and other addresses are owned by large institutions such as cryptocurrency exchanges and investment firms that typically hold large amounts of bitcoin.
Related: Bitcoin Price Hits $27.2K, But New Analysis Warns More Losses ‘Likely’
Of the roughly 19 million Bitcoins currently in circulation, 1.89 million of those BTC, worth $50.7 billion, are held on major centralized exchanges such as Binance and Coinbase, according to data from cryptocurrency analytics provider CoinGlass.
In addition, a staggering 3 million BTC – worth $80.4 billion, representing 17% of total circulating assets – are “lost forever,” according to Glassnode estimates, which paint this figure based on a combination of data including BTC sent to “ write addresses, wallets with lost keys and large accounts that have remained untouched for more than a decade.