Smaller wallet addresses in the Bitcoin (BTC) ecosystem continue accumulating BTC despite market turmoil.
The number of known addresses on the Bitcoin blockchain that hold 1 BTC or more has hit a new all-time high. According to blockchain analytics company Glassnode, the number of wallets holding at least 1 BTC or more reached 950,000.
Bitcoin podcast host Jake Woodhouse told Cointelegraph that “To the untrained eye, the price of something reflects the value. However, price action should not be confused with value, as the most recent data in the Bitcoin market represents.” He added:
Bitcoin “pleb” is the name adorned to ordinary people around the globe who support Bitcoin. Plebs buy Bitcoin–or in pleb speak, stack sats (Satoshis)– and continue to believe in Bitcoin despite mainstream media’s attempts to eulogize the decentralized technology.
The trend coincides with billions of dollars of Bitcoin and crypto exiting exchanges. As Woodhouse suggests, the Bitcoin plebs of humbler means demonstrate higher levels of conviction while the price flirts with the low teens.
Woodhouse digs into self-custody: “How many of these BTC are in self-custody never to be moved again? My bet: the majority.” Indeed, in the aftermath of the FTX fiasco, some Bitcoin enthusiasts are learning how to take custody of their Bitcoin, registering record withdrawals from exchanges.
According to Glassnode data, exchange balances have trended down since the beginning of the year. In January, exchanger balances measured roughly 2.8 million, or almost 15% of the total supply of Bitcoin mined. In November, exchanges balances are down to 2.3 million Bitcoin or shy of 11% of the total supply.
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