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In a significant milestone on the cryptocurrency market, the number of Bitcoin addresses holding more than one BTC has surpassed one million.
According to a recent report by IntoTheBlock, there are currently 1,010,777 such addresses, marking a notable achievement in the Bitcoin ecosystem.
IntoTheBlock, a blockchain analytics platform, highlighted this milestone in a chart that illustrates the growing trend of individuals and entities accumulating Bitcoin to reach wholecoiner status. The term “wholecoiner” refers to those who hold at least one whole Bitcoin, a status increasingly sought after by investors.
This chart shows the number of addresses holding more than 1 Bitcoin.
🪙There are currently over 1 million wholecoiners
📈There is a clear long-term trend, as more and more people aim to achieve wholecoiner status. pic.twitter.com/QrZgbRGgc7— IntoTheBlock (@intotheblock) June 27, 2024
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 an investment asset. The increasing number of wholecoiners is a testament to the growing belief 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 this implies
The achievement of over one million wholecoiners is particularly significant in the context of Bitcoin’s limited supply. With only 21 million Bitcoins ever to be mined, holding even one Bitcoin becomes increasingly valuable as demand continues to rise. This scarcity factor further underscores the importance of the wholecoiner milestone.
Bitcoin has fallen roughly 17% since reaching an all-time high of nearly $74,000 in mid-March on rising optimism about the approval of U.S. exchange-traded funds to directly hold the original cryptocurrency.
At the time of writing, Bitcoin had risen 0.04% in the previous 24 hours to $61,592. Adding to the melancholy on the markets is shifting expectations of U.S. interest rate cuts, which has reduced demand for the most risky assets.