Bitcoin addresses with at least 1 BTC are approaching a million

The smallest wallet addresses in the Bitcoin ecosystem (BTC) continues to accumulate BTC despite market turmoil.

The number of known Bitcoin blockchain addresses with 1 BTC or more has hit a new all-time high. According to blockchain analytics firm Glassnode, the number of wallets with at least 1 BTC or more reached 950,000.

Bitcoin balances of 1 BTC or more have increased since November. Source: Glassnode

Bitcoin podcast host Jake Woodhouse told Cointelegraph that “to the untrained eye, the price of something represents value. However, price action should not be confused with value, as recent Bitcoin market data suggests.

“People all over the world are hoarding Bitcoin because they see it as an opportunity to accumulate wildly undervalued assets that most people think are worthless when the price falls. ‘Bitcoin is dead,’ cries the traditional world… Is it? Sure? , many disagree “.

Bitcoin “rabul” is a name that adorns ordinary people around the world who support Bitcoin. Ordinary people buy Bitcoin, or simply put, stack sats (Satoshis) and continue to believe in Bitcoin despite attempts by the mainstream media praises decentralized technology.

The trend coincides with the outflow of billions of dollars from Bitcoin and cryptocurrencies from exchanges. As Woodhouse suggests, the Bitcoin plebs of hubbler exhibit a higher level of conviction as a price flirting with victims.

Woodhouse digs into self-custody: “How many of these BTC are self-custodial, never to be transferred again? My opinion: most.” In fact, after The FTX fiascosome Bitcoin enthusiasts are learning how to keep their Bitcoin safe, publication of record withdrawals exchange

The price of bitcoin, litecoin and other cryptocurrencies today
Bitcoin balance on exchanges is decreasing. Source:: Glassnode

Exchange balances have been declining since the beginning of the year, according to Glassnode. in January, exchange balances were around 2.8 million, which is almost 15% of the total mined Bitcoin supply. In November, balances on the exchange fell to 2.3 million Bitcoins, or nearly 11% of the total supply.

Woodhouse told Cointelegraph: “The bear market exposes fraudsters who sold bitcoin derivatives, naturally promoting bitcoin’s superpower, which I think individuals are paying attention to — a sign of massive positivity for bitcoin bulls.”

Billionaire Michael Saylor, one of Bitcoin’s richest bulls, agrees. Saylor recently shared his thoughts on the bear market with Cointelegraph. advised Bitcoin buyers relax and focus on the big picture.

Explanation: The information and/or opinions contained in this article do not necessarily reflect the views or editorial line of Cointelegraph. The information provided here should not be considered financial advice or investment recommendation. Any investment and commercial move involves risk, and each person should do their due diligence before making an investment decision.

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