Bitcoin Wholecoiners Crosses 1 Million Mark in 13 Months – What’s Ahead?

Despite the recent slump in Bitcoin's price, Bitcoin whole-coiners have stayed above the one million address benchmark for 13 consecutive months. According to Glassnode data, this groundbreaking record was first achieved on May 12, 2023, when Bitcoin traded at $27,000.

The number of whole-coiner wallet addresses hit an all-time high on January 1, 2024, with slightly over 1.024 million wallets holding one or more BTC.

Bitcoin Wholecoiners Hit Impressive 1 Million Address Milestone

For context, Bitcoin Wholecoiners is a term used for wallet addresses holding at least one or more BTC tokens.Despite Bitcoin doubling its value since May 2023, 1,10,800 wallet addresses still hold one or more Bitcoin. This record shows a massive increase in BTC ownership.

In addition, unique addresses holding BTC crossed the 1 million benchmark on May 12, 2023, showing rising adoption. IntoTheBlock reveals that the increase in whole-coiners is a long-term trend as more individuals aim for the whole-coiner status.

Nevertheless, it's worth noting that one Bitcoin wallet might not belong to a separate individual, as investors sometimes have multiple addresses. Moreover, some addresses belong to crypto exchanges and institutional investors with extensive BTC holdings.

This chart shows the number of addresses holding more than 1 Bitcoin.

There are currently over 1 million wholecoiners

There is a clear long-term trend, as more and more people aim to achieve wholecoiner status. pic.twitter.com/QrZgbRGgc7

- IntoTheBlock (@intotheblock) June 27, 2024

Out of the 19.7 million BTC in circulation, 2.48 million tokens worth $152 million belong to top centralized exchanges. Binance and Coinbase are among the centralized exchanges holding most Bitcoin tokens.

Glassnode estimates show that a massive 3 million BTC worth $80.4 million (17% of the total supply) is lost forever.

When Bitcoin launched on January 3, 2009, only one wallet address held more than one bitcoin, and that wallet address belonged to Satoshi Nakamoto, the founder of Bitcoin.

However, the number of BTC wallets increased rapidly, reaching 30,000 by the start of 2010. However, Wholecoiners wallet addresses also decline significantly during some market cycles. This

Good instances are the market cycles between March and May 2016, September and December 2018, and February to July 2021. During these periods, the crypto market recorded meteoric rallies, and many investors sold off their holdings to make a profit.

How is Bitcoin Faring Today?

Meanwhile, BTC struggles to maintain price stability, with its price 17.6% lower than its recent all-time high of $73,750. As of 10:32 AM EST, Bitcoin's price trades at $61,041, with a 1.5% decline in the past 24 hours. It has shed 10% of its price gains in the past 30 days, confirming the sellers' dominance.

The current downtrend started on June 6, with Bitcoin forming lower lows until it found support at the $60,500 threshold on June 24. Following a slight recovery, BTC was rejected at the $62,300 resistance level, leading to further declines.

The prevailing selling pressure has limited Bitcoin's gains since June. The price currently plays close to the lower band of the Donchian Channel, indicating a strong bearish momentum.

Moreover, the RSI is 33.73, approaching the oversold territory, indicating that Bitcoin is nearly undervalued. Given the signals, BTC could face further decline in the coming days.

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