{"id":12031,"date":"2023-05-18T16:16:11","date_gmt":"2023-05-18T16:16:11","guid":{"rendered":"https:\/\/www.cryptoheretostay.com\/?p=12031"},"modified":"2023-05-18T16:16:12","modified_gmt":"2023-05-18T16:16:12","slug":"hyperbitcoinization-coming-says-bitcoin-og-as-wholecoiners-hit-1-million","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=12031","title":{"rendered":"Hyperbitcoinization coming, says Bitcoin OG as &#8216;wholecoiners&#8217; hit 1 million"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) has crossed a significant threshold this month \u2014 and while it does not involve price, it does involve \u201cmillions.\u201d<\/p>\n<p>Data from on-chain analytics firm Glassnode confirms that as of May 18, there are over one million addresses which hold at least 1 BTC.<\/p>\n<h2>Back: Adoption trend lays path to &#8220;hyperbitcoinization&#8221;<\/h2>\n<p>It was a long time coming and received much attention on social media, and the time is finally here \u2014 there are one million entities which own a whole bitcoin.<\/p>\n<p>These \u201cwholecoiners\u201d have been steadily accruing since mid-2021, Glassnode shows, and the upward trend in 1 BTC wallets has seen almost no reversal since.<\/p>\n<p>In 2022, however, the trend accelerated, having started the year with 814,000 wholesalers and finishing it with 978,000 \u2014 an increase of 20%.<\/p>\n<p>Reacting, Adam Back, CEO and co-founder of Bitcoin firm Blockstream, made the case for \u201chyperbitcoinization\u201d soon to come.<\/p>\n<p>Should the existing trend continue, he argued, BTC price growth would soon make buying it not only a luxury, but something unattainable altogether.<\/p>\n<p>This would happen, he tweeted, \u201cbecause 10mil people trying to buy 1 BTC over a few years would push the price out of reach.\u201d <\/p>\n<p>\u201cAnd many current hodlers are not selling,\u201d he continued. <\/p>\n<p>\u201cEg very few of the recent whole coiners would re-sell, probably moving up to their next target for extra bitcoin, most are trying to buy more!\u201d<em>Bitcoin: Number of Addresses with Balance \u2265 1 chart. Source: Glassnode<\/em><\/p>\n<p>As Cointelegraph reported, existing Bitcoin investors who are long-term market participants have broadly resisted the urge to sell through the recent bear market and subsequent price recovery.<\/p>\n<p>At the same time, an uptick in short-term holders, or speculators, in 2023 has got some excited about the birth of a new Bitcoin bull market.<\/p>\n<h2>Whale numbers halt 2022 decline<\/h2>\n<p>Glassnode data meanwhile shows that at the other end of the spectrum, whale wallets have become stagnant.<\/p>\n<p><strong><em>Related:\u00a0Sink or swim at $27K? 5 things to know in Bitcoin this week<\/em><\/strong><\/p>\n<p>Entities with between 1,000 BTC and 9,999 BTC are now showing signs of recovery after falling from mid-2022 onward. <\/p>\n<p>10,000+ BTC entities, on the other hand, remain in a range entered following the FTX collapse last November. There are currently 117 such entities.<\/p>\n<p><em>Bitcoin: Number of Addresses with Balance \u2265 1k chart. Source: Glassnode<\/em><\/p>\n<p>Observers such as monitoring resource Material Indicators often note that the largest classes of whales still exert the most influence over BTC price action thanks to their trading activities.<\/p>\n<p><strong><em>Magazine:\u00a0\u2018Moral responsibility\u2019: Can blockchain really improve trust in AI?<\/em><\/strong><\/p>\n<p class=\"post-content__disclaimer\">This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/hyperbitcoinization-coming-says-bitcoin-og-as-wholecoiners-hit-1-million\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) has crossed a significant threshold this month \u2014 and while it does not involve price, it does involve \u201cmillions.\u201d Data from on-chain analytics firm Glassnode confirms that as of May 18, there are over one million addresses which hold at least 1 BTC. Back: Adoption trend lays path to &#8220;hyperbitcoinization&#8221; It was a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":12032,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-12031","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12031","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12031"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12031\/revisions"}],"predecessor-version":[{"id":12033,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12031\/revisions\/12033"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/12032"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12031"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12031"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12031"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}