Wallet addresses containing one whole BTC or more have surpassed one million, according to Glassnode data.
As the price of Bitcoin has fallen more than 65% over the past year, the number of wallet addresses containing one or more Bitcoins has skyrocketed. The most notable increases occurred during the sharp market crash in June and since November 11, the day FTX filed for bankruptcy.
In total, around 190,000 “wholecoiners” have been added since early February 2022, as the BTC price dropped from its November 2021 highs.
While the round number “one million” marks a new point in the record books, it’s worth noting that one Bitcoin wallet address doesn’t always represent one person.
Many crypto investors have multiple Bitcoin addresses, and other addresses belong to major institutions such as cryptocurrency exchanges and investment firms that typically hold large sums of BTC.
According to data from the analytics firm CoinGlass, of the approximately 19 million bitcoins currently in circulation, 1.89 million of them are held on major centralized exchanges such as Binance and Coinbase.
In addition, 3 million BTC worth $80.4 billion and representing 17% of the total circulating supply are “gone forever,” according to Glassnode. The company calculates that number from a combination of data, including BTC, sent to “scorched addresses”, wallets with lost keys, and large accounts that have been left untouched for more than a decade.
Technical Market Outlook:
The BTC/USD pair has made a new swing low at the level of $25,834, so the bears are in full control of the market and the next target for bears is seen at the level of $25,257. This level is very close to the 50% Fibonacci retracement level seen at $25,335. The intraday technical resistance is located at $27,453 (50 MA) and $27,670.
The bigger time frame correction is more complex and time-consuming, however the bulls are still trying to increase the volatility and break above the intraday technical resistance seen at $30,004. Only a sustained breakout above this level might change the outlook to more bullish, otherwise the market remains in corrective mode and horizontal trend to be continued. The recent 7% bounce from the lows is not enough to trigger the trend reversal.
Weekly Pivot Points:
WR3 – $28,631
WR2 – $27,903
WR1 – $27,652
Weekly Pivot – $27,176
WS1 – $26,924
WS2 – $26,445
WS3 – $25,721
Trading Outlook:
The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The next target for bulls is seen at the level of $32,350. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.
The material has been provided by InstaForex Company – www.instaforex.com
Crypto Industry News:
Wallet addresses containing one whole BTC or more have surpassed one million, according to Glassnode data.
As the price of Bitcoin has fallen more than 65% over the past year, the number of wallet addresses containing one or more Bitcoins has skyrocketed. The most notable increases occurred during the sharp market crash in June and since November 11, the day FTX filed for bankruptcy.
In total, around 190,000 “wholecoiners” have been added since early February 2022, as the BTC price dropped from its November 2021 highs.
While the round number “one million” marks a new point in the record books, it’s worth noting that one Bitcoin wallet address doesn’t always represent one person.
Many crypto investors have multiple Bitcoin addresses, and other addresses belong to major institutions such as cryptocurrency exchanges and investment firms that typically hold large sums of BTC.
According to data from the analytics firm CoinGlass, of the approximately 19 million bitcoins currently in circulation, 1.89 million of them are held on major centralized exchanges such as Binance and Coinbase.
In addition, 3 million BTC worth $80.4 billion and representing 17% of the total circulating supply are “gone forever,” according to Glassnode. The company calculates that number from a combination of data, including BTC, sent to “scorched addresses”, wallets with lost keys, and large accounts that have been left untouched for more than a decade.
Technical Market Outlook:
The BTC/USD pair has made a new swing low at the level of $25,834, so the bears are in full control of the market and the next target for bears is seen at the level of $25,257. This level is very close to the 50% Fibonacci retracement level seen at $25,335. The intraday technical resistance is located at $27,453 (50 MA) and $27,670.
The bigger time frame correction is more complex and time-consuming, however the bulls are still trying to increase the volatility and break above the intraday technical resistance seen at $30,004. Only a sustained breakout above this level might change the outlook to more bullish, otherwise the market remains in corrective mode and horizontal trend to be continued. The recent 7% bounce from the lows is not enough to trigger the trend reversal.
Weekly Pivot Points:
WR3 – $28,631
WR2 – $27,903
WR1 – $27,652
Weekly Pivot – $27,176
WS1 – $26,924
WS2 – $26,445
WS3 – $25,721
Trading Outlook:
The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The next target for bulls is seen at the level of $32,350. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.
The material has been provided by InstaForex Company – www.instaforex.com
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