Milestone For Bitcoin, As Bitcoin Addresses Holding 1 BTC Surpass One Million

There are now more than one million Bitcoin wallet addresses that contain one Bitcoin or more. According to data from Glassnode, the million whole-coiner milestone was accomplished on May 13.

Source: Glassnode

The number of wallet addresses holding one or more Bitcoins increased as the price of Bitcoin dropped more than 65% over the course of last year, with the most notable increases occurring during a severe market crash in June and starting on November 11 when FTX collapsed and subsequently filed for bankruptcy.

Since early February 2022, when the price of Bitcoin began to decline from its peak in November 2021, a staggering 190,000 or so "whole-coiners" have been added.

The co-founder of Glassnode, Negentropic, shared with his 54,000 Twitter followers that the greatest time to purchase Bitcoin is when there is "blood in the streets."

His remarks follow a number of significant bank failures in the US and the Fed's possible decision to stop interest rate increases in the upcoming months. These are some of the factors that Glassnode cited in its statement that it "remains confident" that Bitcoin will eventually reach a price of $35,000.

However, the number of Bitcoin wallet addresses doesn't always correspond to the number of BTC holders, despite the fact that the round number "one million" sets a new record.

Many Bitcoin investors have numerous addresses, and other addresses are owned by important organizations like cryptocurrency exchanges and financial companies that frequently hold massive Bitcoin holdings.

Of the approximately 19 million Bitcoin that are now in circulation, 1.89 million of them, worth $50.7 billion, are held on big centralized exchanges like Binance and Coinbase, according to data from cryptocurrency analytics service CoinGlass.

Moreover, according to estimates from Glassnode, 3 million BTC — worth $80.4 billion and representing 17% of the total circulating supply — are "lost forever." Glassnode derives the figure from a combination of data, including BTC sent to "burn addresses," wallets with lost keys, and large accounts that have been inactive for more than ten years.

Where next for the world’s largest crypto?

A retest of the $28,000 price level is what renowned cryptocurrency analysis company Skew has predicted for Bitcoin's upcoming market moves. The price patterns and technical signs that are currently building on Bitcoin’s market are the foundation for the forecast.

According to Skew's analysis, the current price recovery from the previous four-hour low around $27.2K is a pivotal moment for a potential uptrend. The market's primary support and resistance (S/R) point is at this price level. A steady price increase above this level might pave the way for more gains.

Skew also suggests that the price will probably test the four-hour and one-day EMA trends in the next day. Technical analysts frequently utilize EMAs as indicators to smooth out price volatility and spot market trends. Price and EMA's crossing frequently acts as a signal for probable market reversals.