U.Today – In a noteworthy development within the cryptocurrency market, the number of addresses holding more than one BTC has now exceeded one million.
As reported by IntoTheBlock, there are currently 1,010,777 such addresses, marking a significant milestone in the Bitcoin ecosystem.
IntoTheBlock, a blockchain analytics platform, showcased this achievement in a chart that demonstrates the increasing trend of individuals and entities accumulating Bitcoin to achieve wholecoiner status. The term “wholecoiner” refers to those who possess at least one whole Bitcoin, a status that is becoming more desirable among investors.
The data indicates a clear long-term trend: more and more people are aiming to become wholecoiners.
This trend reflects the wider adoption and confidence in Bitcoin as a store of value and investment asset. The growing number of wholecoiners highlights the increasing belief in Bitcoin’s potential for long-term growth and stability.
IntoTheBlock’s analysis suggests that this upward trend is not temporary but rather a sustained movement. Over the years, as Bitcoin has evolved, the number of addresses holding at least one BTC has steadily risen.
The achievement of over one million wholecoiners holds particular significance in light of Bitcoin’s limited supply. With only 21 million Bitcoins set to ever be mined, owning even one Bitcoin becomes more valuable as demand continues to grow. This scarcity factor further emphasizes the importance of reaching the wholecoiner milestone.
Bitcoin has experienced a decline of approximately 17% since reaching an all-time high of close to $74,000 in mid-March amid increasing optimism regarding the approval of U.S. exchange-traded funds for directly holding the original cryptocurrency.
At the time of writing, Bitcoin had risen by 0.04% in the past 24 hours to $61,592. Additionally, shifting expectations of U.S. interest rate cuts have dampened demand for riskier assets, contributing to the subdued market sentiment.
This article was originally published on U.Today.