Over One Million Bitcoin Holders: Whole-Coiners Stay Strong Despite Price Changes

Despite Bitcoin’s price going up and down recently, the number of whole-coiner wallets—those holding at least one Bitcoin—has consistently stayed above one million for 13 months.

This achievement started on May 12, 2023, when Bitcoin was priced at $27,000. By January 1, 2024, the number of these wallets peaked at over 1.024 million, showing a notable increase in Bitcoin ownership and long-term investment.

Whole-coiners represent a significant portion of the Bitcoin community, demonstrating commitment despite market volatility. On May 12, 2023, the number of unique addresses holding at least one Bitcoin surpassed one million, reflecting increasing adoption and a growing number of individuals striving for whole-coiner status.

This trend highlights a long-term commitment from Bitcoin holders, supported by data from IntoTheBlock, which suggests a steady increase in the number of whole-coiners.

Over One Million Bitcoin Holders: Whole-Coiners Stay Strong Despite Price Changes
Over One Million Bitcoin Holders: Whole-Coiners Stay Strong Despite Price Changes

However, it’s essential to consider that one Bitcoin wallet address might not correspond to a single individual. Many investors hold multiple addresses, and some belong to large entities like crypto exchanges and institutional investors, which possess extensive Bitcoin holdings.

This nuance means that while the number of whole-coiners is significant, it might not directly translate to individual ownership.

Out of the 19.7 million Bitcoins currently in circulation, centralized exchanges like Binance and Coinbase hold about 2.48 million tokens worth $152 million. Additionally, a significant portion of Bitcoin, approximately 3 million tokens worth $80.4 million, is believed to be lost forever, according to Glassnode estimates.

This lost Bitcoin represents 17% of the total supply, highlighting the impact of lost private keys and inaccessible wallets on the overall Bitcoin ecosystem.

Despite the steady increase in whole-coiners, Bitcoin’s price has struggled recently. From a peak of $73,750, it has declined to $61,041, reflecting a 17.6% decrease. This downtrend, which started on June 6, has been characterized by lower lows, and Bitcoin faced resistance at the $62,300 level, leading to further price declines.

Technical indicators such as the Donchian Channel and RSI suggest that Bitcoin might be approaching oversold territory, indicating potential undervaluation but also hinting at possible further declines in the near term.

Michael Manua
Michael Manua
Michael, a seasoned market news expert with 29 years of experience, offers unparalleled insights into financial markets. At 61, he has a track record of providing accurate, impactful analyses, making him a trusted voice in financial journalism.
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