- The number of wallets that own up to 1 whole BTC has topped the 1 million mark for the first time.
- Centralized exchanges remain king holding over 1.89 million of the circulating 19 million supply of BTC in the market.
The adoption of digital assets, specifically the two market leaders Bitcoin (BTC) and Ethereum (ETH), continues to grow with gains recorded this year and a potential pause in interest rate hikes.
According to recent data from on-chain analytics firm, Glassnode, the number of wallets with at least 1 BTC has surged past the 1 million mark for the first time. This is a huge milestone as the top cryptocurrency attempts to reclaim $28,000 after losing that mark earlier this month.
The market downturn of 2022, which saw BTC lose over 55% of its value, lured many investors to add to their holdings. Wallets holding more than 1 Bitcoin surged in mid-June and November after the crash of FTX. Overall, 190,000 wallets grew their portfolio above 1 BTC from Nov 2021 till date.
It should be pointed out that the fact that 1 million addresses own over 1 BTC does not represent 1 million users, as several big investors have more than one crypto address, and digital asset exchanges also hold large amounts of assets. Data from CoinGlass show that of the 19 million BTC in circulation, about 1.89 million are held on major exchanges.
Glassnode sees a bull run on the horizon
Glassnode’s co-founder @Nengentropic urged his followers on the best time to acquire cryptocurrencies in the wake of the new statistics. According to him, users should accumulate “when there is blood in the streets,” signifying a bearish market on the brink of a surge.
Glassnode also estimated BTC to hit $35,000 in summer as bulls look to capitalize on the current banking sector woes and the signal from the Feds to pause the hike in interest rates, a move which has repeatedly hurt the market as investors move on from risky assets.
On the other hand, BTC seeing fresh dives below $26,700, marking two months’ lows, have left pundits pointing to a correction below $25,500. Despite last week’s fall, BTC already looks stronger after reclaiming $27,300.