A significant milestone has been achieved this month for bitcoin enthusiasts: over one million addresses now hold at least 1 BTC. The steady growth of “wholecoiners”, or those owning an entire bitcoin, has been undeniable since mid-2021, with an upward trend in 1 BTC wallets that has barely seen any reversal. In fact, 2022 saw a 20% increase in the number of wholesale addresses, beginning the year with 814,000 and ending with 978,000.
This acceleration in bitcoin ownership has led to experts like Adam Back, CEO, and co-founder of Bitcoin firm Blockstream, to argue that “hyperbitcoinization” is soon to come. He suggests that if the existing trend continues, bitcoin’s price growth might make it not only a luxury but unattainable for many. Back asserts that “10 million people trying to buy 1 BTC over a few years would push the price out of reach”, adding that many current hodlers are not selling and most are trying to buy more.
However, this optimism is not without its caveats. Long-term Bitcoin investors have been reluctant to sell throughout the recent bear market and price recovery, while the increase of short-term holders, or speculators, in 2023 has excited some about the potential for a new Bitcoin bull market. This brings forth the question of whether this trend is sustainable or whether it will end in a bubble caused by the speculative behavior of many market participants.
On the other hand, Glassnode data reveals that BTC whale wallets have stagnated, with entities
Source: Cointelegraph
