The number of known addresses on the Bitcoin blockchain that hold 1 BTC or more has reached a new all-time high. According to blockchain analytics company Glassnode, the number of wallets containing at least 1 BTC or more has 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 represented by the latest Bitcoin market data. Added by:
“Plebs around the world are picking up Bitcoin because they see it as an opportunity to accumulate a wildly undervalued asset that most assume has no value when the price crashes. ‘Bitcoin is dead,’ screams the mainstream… Is it? Obviously, many disagree.”
The Bitcoin “pleb” is the name that adorns ordinary people around the world who support Bitcoin. The plebs buy bitcoins – or colloquially, stack satoshis – and continue to believe in bitcoins despite attempts by the mainstream media praise decentralized technology.
The trend coincides with billions of dollars Bitcoin and cryptocurrency exchanges. As Woodhouse suggests, the bitcoin plebs of more modest means demonstrate a higher level of conviction, while the price flirts with younger teenagers.
Woodhouse dives into self-custody: “How much of this BTC is in self-custody to never move again? My bet: most.” Indeed, as a result FTX fiascosome bitcoin enthusiasts are learning how to take charge of their bitcoins, registration of record selections from exchanges.
According to Glassnode data, balances on the exchange have been falling since the beginning of the year. In January, exchange balances measured roughly 2.8 million, or nearly 15% of the total supply of mined bitcoins. In November, balances on exchanges fell to 2.3 million bitcoins, or just under 11% of the total supply.
Woodhouse told Cointelegraph: “The bear market highlights fraudsters selling bitcoin derivatives and naturally promotes bitcoin’s superpower of self-governance, which I believe individuals are taking note of; a signal of huge positivity for Bitcoin bulls.”
Billionaire Michael Saylor, one of the richest Bitcoin bulls, agrees. Saylor recently shared some bear market nuggets of wisdom with Cointelegraph. He advised Bitcoin buyers can relax and focus on the bigger picture.