The number of known addresses on the Bitcoin blockchain containing 1 BTC or more has reached a new all-time high. According to blockchain analytics firm Glassnode, the number of wallets holding at least 1 BTC or more has reached 950,000.
Bitcoin balances of 1 bitcoin or more have gone up since November. Source: Glassnode
Bitcoin podcast host Jake Woodhouse told Cointelegraph, “To the untrained eye, the price of something reflects value. However, price action should not be confused with value, as it represents the latest data in the Bitcoin market.” he added:
Publics around the world are hoarding bitcoin, because they see this as an opportunity to accumulate a vastly undervalued asset, which most assume has no value as the price collapses. “Bitcoin is dead” cries out to the mainstream…is it? Obviously That many disagree.
Bitcoin “pleb” is the name that has been decorated for ordinary people all over the world who support Bitcoin. Plebs buy Bitcoin — or, in pleb’s words, a stack of satoshis — and continue to believe in bitcoin despite the mainstream media’s attempts to praise the decentralized technology.
This trend coincides with billions of dollars leaving bitcoin and cryptocurrency exchanges. As Woodhouse suggests, more modest bitcoin habits mean showing higher levels of conviction while the price flirts with the low teens.
Woodhouse is looking into self-holding: “How many of these bitcoins are on self-holding so they can never be moved again? My bet: the majority.” In fact, in the aftermath of the FTX fiasco, some Bitcoin enthusiasts are learning how to get hold of their Bitcoins, and recording record withdrawals from exchanges.
Bitcoin balance drop in stock exchange trends. Source: Glassnode
According to Glassnode data, exchange balances have trended downward since the beginning of the year. In January, exchange balances amounted to nearly 2.8 million, or roughly 15% of the total mined Bitcoin supply. In November, exchange balances fell to 2.3 million bitcoins, or just shy of 11% of the total supply.
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Woodhouse told Cointelegraph, “The bear market highlights scammers selling bitcoin derivatives, and naturally reinforces the self-guarding superpower of bitcoin, which I think people are taking note of; a very positive signal for the bitcoin bulls.”
Billionaire Michael Saylor, one of the richest bitcoin bulls, agrees. Saylor recently shared nuggets of wisdom with Cointelegraph regarding the bear market. He advised bitcoin buyers to relax and focus on the bigger picture.