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Over 1 million addresses now own 1 BTC according to U.Today
U.Today – In a significant milestone in the cryptocurrency market, the number of addresses containing more than one BTC has surpassed one million.
According to a recent report by IntoTheBlock, there are currently 1,010,777 such addresses, which is a remarkable achievement in the Bitcoin ecosystem.
IntoTheBlock, a blockchain analytics platform, highlighted this milestone in a chart illustrating the growing trend of individuals and entities accumulating Bitcoin to achieve wholecoiner status. The term “wholecoiner” refers to those who hold at least one full Bitcoin, a status increasingly sought after by investors.
The data shows a clear long-term trend: more and more people are striving to become wholecoiners.
This trend reflects the broader adoption and confidence in Bitcoin as a store of value and investment asset. The growing number of Wholecoiners is a testament to the growing confidence in Bitcoin’s potential for long-term growth and stability.
IntoTheBlock’s analysis indicates that this upward trend is not a short-term phenomenon but a sustained movement. Over the years, as Bitcoin has matured, the number of addresses holding at least one BTC has steadily increased.
What does this imply
Reaching over one million wholecoiners is especially significant in the context of Bitcoin’s finite supply. With only 21 million Bitcoins to mine, holding even one Bitcoin becomes increasingly valuable as demand continues to grow. This scarcity factor further underscores the significance of the wholecoiner milestone.
Bitcoin has fallen about 17% since hitting an all-time high of nearly $74,000 in mid-March, amid growing optimism about the approval of U.S. ETFs to directly hold the original cryptocurrency.
At the time of writing, Bitcoin is up 0.04% in the previous 24 hours to $61,592. Adding to the gloom in the markets are shifting expectations of interest rate cuts in the United States, which have reduced demand for riskier assets.