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As per the blockchain analytics platform Glassnode, the overall count of Bitcoin addresses possessing 1,000 BTC or more has decreased to levels seen in 2019.
The organization disclosed that there are currently only 1,997 addresses that hold over $26.4 million worth of the leading cryptocurrency (based on current valuations).
This downward trend has been apparent since the extended bear market commenced last year, during which the sector experienced the Terra collapse and the subsequent failures of Celsius Network and Three Arrows Capital (3AC).
The situation deteriorated further towards the close of 2022 when the former crypto powerhouse FTX faced a liquidity crisis and subsequently filed for bankruptcy, leading to multi-billion dollar losses for investors.
As anticipated, Bitcoin addresses with more than 1,000 BTC increased during the bull market of 2021. At one point, the number of such holders reached nearly 2,500.
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As reported by CryptoPotato recently, the scenario with Ethereum is quite similar. The quantity of ETH addresses containing over 1,000 coins fell to a five-year low of 6,082 last week.
While some analysts, including the digital asset financial services firm Matrixport, have forecasted a continued decline for Ether, the outlook for Bitcoin appears different.
Numerous analysts have predicted that the largest cryptocurrency by market capitalization may soon embark on a new bull run, potentially rekindling interest from investors.
Notable figures include Robert Kiyosaki (author of the bestseller Rich Dad, Poor Dad), Adam Back (CEO of Blockstream), Tom Lee (Managing Partner at Fundstrat), Pantera Capital, among others.
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