Bitcoin Addresses Nearly A Million With At Least One Bitcoin
While the number of “whole corner” Bitcoin addresses increases, exchange balances are declining.
Despite market volatility, smaller wallet addresses in the Bitcoin ecosystem continue to amass BTC.
There are currently more known addresses on the Bitcoin network holding 1 BTC or more than ever before. Glassnode, a provider of blockchain analytics, reports that there are now 950,000 wallets holding at least one bitcoin or more.
Source: Glassnode
Bitcoin podcast host Jake Woodhouse told 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 worldwide 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.”
The term “Bitcoin pleb” refers to regular individuals who support Bitcoin. Despite attempts by the mainstream media to praise the decentralised technology, ordinary people continue to purchase Bitcoin or, in pleb parlance, stack Satoshis—and hold onto their belief in the currency.
In line with the trend, massive amounts of Bitcoin and other cryptocurrencies are leaving exchanges. As Woodhouse notes, while the price teeters on the low teens, the Bitcoin plebs with modest resources exhibit higher levels of conviction.
Woodhouse digs into self-custody: “How many of these BTC are in self-custody never to be moved again? My bet: the majority.” Some Bitcoin enthusiasts are learning how to take custody of their coins in the wake of the FTX debacle, leading to record-breaking withdrawals from exchanges.
Source: Glassnode
Exchange balances have been trending lower from the year’s beginning, according to Glassnode data. Around 2.8 million exchanger balances, or nearly 15% of the entire amount of Bitcoin mined, were present in January. The trade balances in November were only 2.3 million Bitcoin or just under 11% of the total supply.
Woodhouse said,
“The bear market is highlighting the fraudsters who have been selling bitcoin derivatives, naturally promoting the superpower of bitcoin self-custody, which I believe individuals are taking heed of; a signal of huge positivity for the bitcoin bulls.”
One of the wealthiest Bitcoin supporters, billionaire Michael Saylor, concurs. Recently, Saylor gave some pearls of wisdom about the bear market. He counselled Bitcoin purchasers to unwind and concentrate on the larger picture.
