There are close to a million bitcoin addresses that hold at least 1 BTC. That is a huge amount of money and shows just how popular BTC is becoming. Bitcoin is definitely here to stay and is only going to become more popular in the future. That’s a lot of people who are HODLing!
According to data from Glassnode, the number of BTC addresses holding whole coins has reached new highs, even as exchange balances continue to decline. This indicates that small wallet holders are accumulating BTC despite the market turmoil. The data shows that the number of wallets holding at least 1 BTC or more reached 950,000.
This is a bullish sign for BTC, as it suggests that small investors are confident in the long-term future of the cryptocurrency. Moreover, the decline in exchange balances indicates that traders are not selling their BTC in spite of the recent market volatility. This is a positive sign for the future price of BTC.
What could this mean for the future of bitcoin and blockchain technology
The sheer amount of people holding bitcoin is a testament to its significance and potential. It suggests that BTC is here to stay and will continue to gain traction as it gains mainstream acceptance.
With the increased number of users, we can expect more innovative applications of blockchain technology in various industries, which could lead to unprecedented levels of efficiency and transparency.
It also presents an exciting opportunity for entrepreneurs and developers to create new products and services that leverage the power of blockchain technology.
Ultimately, this could lead to a more secure and decentralized digital world. These statistics show just how much potential BTC has as a store of value and a medium of exchange.
The fact that so many people have decided to invest in BTC and HODL it indicates just how confident they are in the long-term potential of this technology. It’s also a reminder that cryptocurrencies are still in their infancy, and there is still much growth potential for them.
How do you think this will impact the value of bitcoin and other cryptocurrencies
When it comes to Bitcoin, there are two camps: those who believe in its potential and those who view it ordinarily and not extra about it. The former group is often referred to as “believers” or “Hodlers,” while the latter is commonly referred to as a “pleb.” While there is some truth to the stereotype that holders are more financially savvy than plebs, the reality is that anyone can invest in Bitcoin regardless of their background or knowledge level.
Bitcoin podcast host Jake Woodhouse commented that:
“To the untrained eye, the price of something reflects the value. However, price action should not be confused with value, as the most recent data in the Bitcoin market represents.” He added: “Plebs around the world are hoovering up Bitcoin, as they see this is an opportunity to accumulate a wildly under-valued asset, which most assume has no value as the price collapses. ‘Bitcoin is dead,’ shouts the mainstream… Is it? Clearly, many disagree.”
Since the beginning of the year, exchanges have been losing Bitcoin. According to Glassnode, in January there were over 2.8 million BTC held on exchanges, which was almost 15% of the entire then-mined supply. But by November balances had shrunk to less than 2.3 million BTC, or 11% of the then-mined supply. So what’s going on?
There are a few possible explanations. One is that traders are becoming more cautious and are holding onto their Bitcoin for longer periods of time before trading it. Another possibility is that more users are withdrawing their Bitcoin from exchanges and moving it into cold storage or other wallets where they have more control over their private keys.
And finally, it’s also possible that some exchanges have simply gone out of business this year and closed up shop. Whatever the reasons, it’s clear that exchange balances have been decreasing throughout 2022. And with fewer Bitcoin being traded, that could mean less activity and momentum in the market overall.
https://twitter.com/glassnode/status/1182674900496146432?lang=en
The large number of Bitcoin addresses holding at least 1 BTC is a sign that there is growing confidence in the digital asset and its potential to be used as a store of value and medium of exchange.
As more people become familiar with Bitcoin, we can expect increased demand for the cryptocurrency, which will lead to higher prices.
This could potentially spur the growth of other cryptocurrencies, as more people begin to recognize their potential. Overall, the increasing number of Bitcoin addresses holding at least 1 BTC is a strong sign that cryptocurrency is here to stay and has immense long-term potential.