While the number of “wholecoiner” Bitcoin addresses reaches new highs, Bitcoin addresses with at least 1 BTC close to a million Exchange balances continue to deplete.
Despite market turmoil, smaller wallet addresses in the Bitcoin BTCtickers down$16,565ecosystem continue to accumulate BTC.
The number of addresses on the Bitcoin blockchain that are known to hold at least 1 BTC has reached a new record high. As indicated by blockchain examination organization Glassnode, the quantity of wallets holding somewhere around 1 BTC or more came to 950,000.
Jake Woodhouse, host of the Bitcoin podcast, stated, “To the untrained eye, the price of something reflects the value.”However, as the most recent Bitcoin market data demonstrates, price action should not be confused with value.Added he:
“Plebs all over the world are scooping up Bitcoin because they see it as an opportunity to accumulate an asset that is drastically undervalued and, as the price falls, most people assume has no value. The mainstream declares, “Bitcoin is dead.” But is it? It’s evident that many disagree.
People who support Bitcoin are referred to as “plebs” in the Bitcoin community. Despite attempts by mainstream media to praise the decentralized technology, plebs continue to believe in Bitcoin, or stack sats (satoshis) in pleb language.
Bitcoin and cryptocurrencies worth billions of dollars are leaving exchanges in tandem with this trend. While the price flirts with the low teens, the Bitcoin plebs of humble means, as Woodhouse suggests, demonstrate greater conviction.
Woodhouse examines self-custody in depth: How many of these BTC are held in self-custody and will never be relocated? My bet: the vast majority. In point of fact, in the wake of the FTX mess, some Bitcoin enthusiasts are learning how to take control of their Bitcoin and are making record withdrawals from exchanges.
The Bitcoin balance on exchanges is decreasing. Source: Glassnode Data indicate that exchange balances have been trending downward since the beginning of the year. Exchanger balances were approximately 2.8 million in January, or nearly 15% of the total amount of Bitcoin mined. Exchange balances have dropped to 2.3 million Bitcoin in November, or just shy of 11% of the total supply.
According to Woodhouse, “The bear market is highlighting the fraudsters who have been selling bitcoin derivatives, naturally promoting the superpower of bitcoin self-custody, which I believe people are paying attention to; “a hugely encouraging sign for the bitcoin bulls.”
One of the richest Bitcoin supporters, billionaire Michael Saylor, concurs. Saylor recently imparted wisdom to them regarding the bear market. He advised buyers of Bitcoin to unwind and concentrate on the bigger picture.