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Hyperbitcoinization on the horizon, claims Bitcoin veteran as ‘wholecoiners’ reach 1 million
Bitcoin (BTC) has reached an important milestone this month — and while it doesn’t pertain to its price, it does relate to “millions.”
According to data from on-chain analytics company Glassnode, as of May 18, there are more than one million addresses that possess at least 1 BTC.
Back: Adoption trend paves the way for "hyperbitcoinization"
This moment has been anticipated for quite some time and has garnered considerable attention on social media; the milestone has finally been achieved — there are one million entities that own a full bitcoin.
These “wholecoiners” have been gradually accumulating since mid-2021, as shown by Glassnode, and the upward trajectory of 1 BTC wallets has experienced almost no downturn since then.
However, in 2022, the trend picked up speed, starting the year with 814,000 wholecoiners and concluding it with 978,000 — a rise of 20%.
In response, Adam Back, CEO and co-founder of Bitcoin firm Blockstream, argued that “hyperbitcoinization” is on the horizon.
If the current trend persists, he contended, BTC price increases would soon render purchasing it not just a luxury, but entirely out of reach.
This would occur, he tweeted, “because 10 million people attempting to buy 1 BTC over a few years would elevate the price beyond accessibility.”
“And many current hodlers are not willing to sell,” he added.
“For example, very few of the recent wholecoiners would resell, likely aiming for their next goal of acquiring additional bitcoin; most are striving to buy more!”
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As Cointelegraph reported, long-term Bitcoin investors have largely resisted the temptation to sell during the recent bear market and subsequent price recovery.
Simultaneously, a rise in short-term holders, or speculators, in 2023 has sparked enthusiasm regarding the onset of a new Bitcoin bull market.
Whale numbers stabilize after 2022 decline
Meanwhile, Glassnode’s data indicates that at the other end of the spectrum, whale wallets have plateaued.
Related: Sink or swim at $27K? 5 things to know in Bitcoin this week
Entities holding between 1,000 BTC and 9,999 BTC are beginning to show signs of recovery after declining since mid-2022.
Conversely, those with 10,000+ BTC remain within a range established following the FTX collapse last November. Currently, there are 117 such entities.
Observers from resources like Material Indicators frequently point out that the largest classes of whales still have the most significant impact on BTC price movements due to their trading actions.
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This article does not provide investment advice or recommendations. Every investment and trading decision carries risk, and readers should perform their own research before making a choice.
