Bitcoin addresses holding at least 1 BTC close to a million

Bitcoin addresses holding at least 1 BTC close to a million

Smaller wallet addresses in the Bitcoin (BTC) ecosystem continue to accumulate BTC despite market turmoil.

The number of known addresses on the Bitcoin blockchain that hold 1 BTC or more has reached a new all-time high. According to blockchain analytics company Glassnode, the number of wallets with at least 1 BTC or more reached 950,000.

Bitcoin balances of 1 BTC or more have increased since November. Source: Glassnode

Bitcoin podcast host Jake Woodhouse told Cointelegraph that “To the untrained eye, the price of something reflects its value. However, price action should not be confused with value, as the latest Bitcoin market data represents.” He added:

“Plebs around the world are hoarding Bitcoin, seeing this as an opportunity to accumulate a wildly undervalued asset, which most people assume has no value as its price collapses. “Bitcoin is dead,” cries the mainstream… Is it? It is clear that many people disagree.”

Bitcoin “pleb” is the name given to ordinary people around the world who support Bitcoin. Plebs buy Bitcoin – or in pleb speak, stack sats (Satoshis) – and continue to believe in Bitcoin despite the mainstream media’s attempts to praise the decentralized technology.

The trend coincides with billions of dollars of Bitcoin and crypto examples. As Woodhouse suggests, Bitcoin plebs of humbler means are demonstrating higher levels of conviction as the price flirts with the low teens.

Woodhouse digs into self-storage: “How many of these BTC are in self-storage never to be moved again? My bet: the majority.” In fact, in the wake of the FTX fiasco, some Bitcoin enthusiasts are learning how to take care of their Bitcoin, registering record withdrawals from exchanges.

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Bitcoin balance on exchanges is trending lower. Source: Glassnode

According to Glassnode data, currency balances have decreased since the beginning of the year. In January, exchange balances measured approximately 2.8 million, or nearly 15% of the total supply of Bitcoin mined. In November, the exchange balance is down to 2.3 million Bitcoin or 11% of the total supply.

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Woodhouse told Cointelegraph, “The bear market highlights the fraudsters who have been selling bitcoin derivatives, and naturally promotes the superpower of bitcoin self-storage, which I think individuals are paying attention to; a signal of tremendous positivity for the bitcoin bulls.”

Billionaire Michael Saylor, one of the richest Bitcoin bulls, agrees. Saylor recently shared some wisdom with Cointelegraph regarding the bear market. He advised Bitcoin buyers to relax and focus on the bigger picture.