The sharp fall in the cryptocurrency’s price in May and June appears to have coincided with a rise in the number of wallet addresses holding more than one Bitcoin.
Small Bitcoin (BTC) investors have found a unique opportunity during the cryptomarket slump to accumulate their favourite cryptocurrency. The number of so-called “wholecoiners” has increased by 40,000 since the June crash.
According to data from LookIntoBitcoin, the number of BTC wholecoiners has not stopped increasing since 31 January, when the price of BTC hovered around USD 38,000.
However, the Bitcoin price fell by around 27% in May and by another 40% in June, the same month in which 25,389 new wallet addresses with at least one full Bitcoin were registered.
At press time the price of BTC is USD 23,035, down 67% from its all-time high of nearly USD 69,000 in November 2021, and the number of wholecoiners is currently at an all-time high of 891,346, according to data from 1 August 2022.
Cryptocurrency investor Lark Davis told his Twitter followers on Monday that “a lot of people are reaching their goal of owning a wholecoin”.
The number of wallet addresses holding at least 1 #bitcoin has jumped by about 40,000 since the crash started!
— Lark Davis (@TheCryptoLark) August 2, 2022
A lot of people hitting their whole coin goal! pic.twitter.com/5Lh1hRLKIh
Interestingly, data shows that the number of wallets with more than 10 BTC, 100BTC and 1,000BTC has started to decrease, or even shrink over the same period.
Wallet addresses with more than 10 BTC have only increased by 600 since May, those with more than 100 BTC have decreased by 125, and wallets with more than 1,000 BTC have fallen by 113.
Bitcoin’s price has been on a modest uptrend since mid-July, however, there are mixed opinions on whether the market’s largest cryptocurrency has already bottomed out, or if more falls are on the horizon.
Source: Cointelegraph
Disclaimer: The information set out herein should not be taken as financial advice or investment recommendations. All investments and trading involve risk and it is the responsibility of each individual to do their due diligence before making any investment decision.
