Recently you could read in the bitcoin news that the monthly bitcoin (BTC) outflow on exchanges is a all time high had reached. After the bankruptcy of FTX, the value of self custody increasingly permeating crypto investors. This has resulted in a whopping 172.7k BTC being withdrawn from crypto exchanges in the past month. This development seems to coincide with the rise in the number of bitcoin addresses containing at least one BTC, also known as ‘wholecoiners’ named.
Addresses with at least 1 BTC
The number of addresses on Bitcoin’s blockchain containing one or more BTC has reached a new all-time high. Blockchain analytics company data Glassnode shows that there are currently 950,000 wallets are with one BTC or more.
Despite the fact that the past year is extremely bearish was for the price of bitcoin, this is a very positive development that seems to increase the acceptance of bitcoin worldwide. Bitcoin podcaster Jake Woodhouse indicates that the value of bitcoin does not reflect its current price:
Plebs around the world are sucking up to bitcoin, seeing it as an opportunity to accumulate a vastly undervalued asset, which most assume will have no value if the price collapses. “Bitcoin is dead,” shouts the mainstream… is the? Clearly many would disagree.
“Bitcoin plebs” are the common people around the world who support bitcoin. Plebs will continue to believe in bitcoin and continue to buy BTC despite attempts by the mainstream to take down the cryptocurrency. said Woodhouse.
BTC addresses in red
Despite this positive development, we cannot ignore the downward price action of digital gold. This has led to 51% of the total number of bitcoin addresses currently being in the red. This is equivalent to 24.6 million wallets. On a positive note, previous bear markets also ended when the majority of bitcoin addresses were in the red.