People who were found guilty have purchased Bitcoin at low prices when its value decreased throughout the past year.
Over one million wallet addresses containing at least one whole Bitcoin (BTC) have been recorded, surpassing the milestone on May 13, as reported by Glassnode.
When the price of Bitcoin dropped by more than 65% last year, there was a significant increase in the number of wallet addresses holding at least one Bitcoin or more. The notable surges in such addresses happened during a severe market crash in June and following the collapse and bankruptcy filing of FTX on November 11.
From early February 2022, around 190,000 new wholecoiners joined the Bitcoin community as the price of Bitcoin decreased from its highest point in November 2021.
Glassnode cofounder, who has 54,000 followers on Twitter, said that the ideal time to buy Bitcoin is when there is a lot of panic and chaos in the market.
Glassnode expressed confidence that Bitcoin has the potential to reach a price of $35,000 in the near future, citing recent bank collapses in the US and the Federal Reserve’s consideration of pausing interest rate hikes as contributing factors.
The cofounder of Glassnode suggested that it’s a good time to buy Bitcoin when there is chaos in the market. They believe that the price of Bitcoin could still go down to $25.8k, but they remain confident that it will eventually reach $35k as external pressures decrease. They also mentioned that the market is expecting the Federal Reserve to pause interest rate hikes in June, which they consider favorable for Bitcoin’s rise to $35k.
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Although reaching the milestone of one million Bitcoin wallet addresses is significant, it’s important to note that a single address doesn’t always correspond to a single individual.
It’s common for crypto investors to have multiple Bitcoin addresses, and some addresses are owned by big institutions such as cryptocurrency exchanges and investment firms that hold significant amounts of Bitcoin.
According to CoinGlass, a crypto analytics provider, out of the approximately 19 million Bitcoins in circulation, around 1.89 million Bitcoins, equivalent to $50.7 billion, are held on popular centralized exchanges like Binance and Coinbase.
Glassnode estimates that a remarkable 3 million Bitcoins, valued at $80.4 billion and representing 17% of the total Bitcoins in circulation, are considered permanently lost. This estimation is based on various data sources, including Bitcoins sent to “burn addresses,” wallets with lost access keys, and large accounts that have remained inactive for over ten years.
