The Bitcoin number (BTC) wallet addresses containing a full BTC or more have passed the million mark.
The milestone of one million whole coins was reached on May 13, according to data from Glassnode.
As the price of Bitcoin has fallen more than 65% over the course of the past year, the number of wallet addresses holding one or more Bitcoin has skyrocketed, with the most notable increases occurring over a sharp market crash in June and from November 11, the date FTX collapsed and subsequently declared bankrupt.
In total, around 190,000 integer coins have been added since the beginning of February 2022, as the price of Bitcoin fell from its November 2021 highs.
glassnode co-founder @Negentropic informed his 54,000 Twitter followers that the best time to buy Bitcoin is when there is "blood in the streets."
Your comments come from numerous major bank collapses in the United States, as well as the Fed looking to potentially stop interest rate hikes in the coming months. These are some of the reasons why Glassnode said that he "remains confident" that Bitcoin can reach a price of $35,000 in the medium term.
"Buy When There's Blood On The Streets."
$25.8k is still a possibility, as indicated by the options market
Confident in our $35k medium-term outlook as external pressures ease.
Market Prices Fed Pauses June, No Rate Cut โ Optimal For The Run To $35k Forโฆ pic.twitter.com/xBnIyHK5A0
โ (@Negentropic_) May 12, 2023
While the round number "one million" marks a new level in the record books, it's worth noting that a Bitcoin wallet address doesn't always represent a single person.
Many cryptocurrency investors have multiple Bitcoin addresses, and other addresses belong to major institutions such as cryptocurrency exchanges and investment firms that often hold large amounts of Bitcoin.
Related: Bitcoin Price Hits $27,200, But New Analysis Warns Further Losses โLikelyโ
According data From crypto analytics provider CoinGlass, of the roughly 19 million Bitcoin currently in circulation, 1.89 million of these BTC, worth $50.7 billion, are held on major centralized exchanges like Binance and Coinbase.
Furthermore, a staggering 3 million BTC, worth $80.4 billion and representing 17% of the total supply in circulation, are โlost foreverโ according to Dear All from Glassnode, which pulls the figure from a combination of data that includes BTC sent to "burn addresses," wallets with lost keys, and large accounts that have remained untouched for more than a decade.
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