Hyperbitcoinization coming, says Bitcoin OG as ‘wholecoiners’ hit 1 million

bitcoin (BTC) has crossed a significant threshold this month, and while it doesn't imply price, it does imply "millions."

On-chain analytics company data glass node confirms that as of May 18, there are over a million addresses that contain at least 1 BTC.

Back: Adoption trend paves the way for "hyperbitcoinization"

It took a long time to arrive and receive A lot of attention on social media, and the time has finally come: there are a million entities that own an entire bitcoin.

These “wholecoiners” have been steadily accumulating since mid-2021, Glassnode shows, and the upward trend in 1 BTC wallets has barely reversed since then.

In 2022, however, the trend accelerated, starting the year with 814,000 wholesalers and ending it with 978,000, an increase of 20%.

In reaction, Adam Back, CEO and co-founder of Bitcoin firm Blockstream, defended the coming "hyperbitcoinization."

If the existing trend continues, he argued, BTC's price growth would soon make buying it not just a luxury, but unattainable.

This would happen, he tweeted"because 10 million people trying to buy 1 BTC for a few years would push the price out of reach."

“And a lot of current hodlers aren't selling,” he continued.

"For example, very few of the recent full minters would sell again, probably moving on to their next target for additional bitcoins, most are trying to buy more!"

Like Cointelegraph reportedExisting Bitcoin investors who are in the market for the long haul have largely resisted the temptation to sell through the recent bear market and subsequent price recovery.

At the same time, a rebound in short-term holders, or speculators, in 2023 got excited about the birth of a new Bitcoin bull market.

Whale numbers halt decline by 2022

Meanwhile, Glassnode data shows that, at the other end of the spectrum, whale wallets have flattened.

Related: Sink or swim at $27K? 5 things to know about Bitcoin this week

Entities with between 1,000 BTC and 9,999 BTC are now showing signs of recovery after falling from mid-2022 onwards.

Over 10,000 BTC entities, on the other hand, remain in a range entered after the FTX crash last November. Currently there are 117 entities of this type.

Observers, such as monitoring resource material indicators, often note that the largest classes of whales still exert control. greatest influence on BTC price action thanks to his trading activities.

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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should do their own research when making a decision.