According to on-chain analytics provider Glassnode, there are almost a million addresses holding more than one Bitcoin. Furthermore, the number of “wholecoiner” addresses has doubled since around mid-2016.
It plateaued at just over 800,000 addresses during the last cycle peak but has increased during the cycle bottom of late 2022 and into 2023 as investors accumulated.
This statistic is remarkable because there are more than 56 million millionaires in the world.
However, with BTC trading at around $28,000, it will be quite some time before one coin will make a holder a millionaire!
Binance CEO Changpeng Zhao, who has been a victim of fake news this week, made the observation on April 6.
There are more than 56 million millionaires in the world, and only 1 million people with more than 1 bitcoin. Do the math. https://t.co/k7gWNtRzkf pic.twitter.com/H6suIxRkj2
— CZ 🔶 Binance (@cz_binance) April 5, 2023
Bitcoin Scarcity Leads to Demand
Another observation crypto advocates like to make is dividing the total supply of Bitcoins by the world’s population. This works out at around 0.002616 BTC per person, so those holding more than one coin really are a rarity.
The scarcity of the asset with its finite supply has traditionally been a driver of demand. This has been clearly evident in previous cycles, which are catalyzed by halving events.
The next Bitcoin halving is due between April and May 2024, depending on what counter is referenced. The current block reward of 6.25 BTC will be halved to 3.125 BTC decreasing issuance and making the asset scarcer.
Bitcoin markets have already reached a transition or inflection point, as reported by CryptoPotato. The slow grind higher is likely to continue this year if history rhymes.
The real bull rally should follow the halving event and occur in the latter half of 2024 if previous cycles are anything to go by.
Glassnode has just added the Bitcoin fear and greed index to its charts to ascertain market sentiment and compare it to previous peaks and troughs.
The sentiment is currently in a state of “greed” following Bitcoin’s 25% gain over the past month.
We have recently added the #Bitcoin Fear and Greed Index, which is now firmly within Greed territory.
Will this rally push $BTC into Extreme Greed like 2019, and 2021?
Or be overwhelmed by resistance like March 2020, or the 2022 deleveraging?
📊https://t.co/89w49UkXnC pic.twitter.com/k8NpbmiGtm
— glassnode (@glassnode) April 5, 2023
BTC Price Outlook
Bitcoin prices have been consolidating for almost three weeks now, with very little movement since March 18.
The asset has dipped 1.4% on the day in a fall to $28,094 at the time of writing, according to CoinGecko. Support lies at the $27,000 level, where it fell on March 28, and longer-term resistance is at $30,000, a price not visited since early June.
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