Wholecoiner Wallets Take Huge Chunk Leaving 5% of BTC Market Cap to Rest
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by James Lovett · 3 min read
Photo: Depositphotos
Every year, the number of “wholecoiner” Bitcoin wallets holding at least 1 BTC has been increasing gradually. Now, the remaining addresses with less than 1 BTC account for just 5% of Bitcoin’s market cap.
Bitcoin wallets holding 1 BTC or more — dubbed “wholecoiner” wallets — take 95% of the popular cryptocurrency’s entire capitalization, according to new data that recently emerged. Meaning just 5% of the market cap remains, which users with a balance of less than 1BTC, assumed to be tens of millions, have to share amongst each other.
BTC Wholecoiner Addresses Rise Year-on-Year
Despite Bitcoin continuously displaying impressive price rallies, wholecoiner addresses numbers have risen steadily year-over-year since 2009. Addresses currently holding at least 1 BTC are anticipated to be over 800,000.
The number of #Bitcoin "wholecoiner" addresses (holding ≥ 1 BTC) on this day every year 📈
The total BTC value of less-than-wholecoin addresses is around $16 billion while those of wholecoiner addresses is almost $301 billion, according to Bit Info Chart. in early 2016, prior to the second BTC halving, the largest dip of wholecoiners occurred when there was a 13.5% fall in the number of addresses holders of at least 1 BTC, from 520,000 to 450,000 as revealed on the linear chart.
Wholecoiner growth also stagnated in the period for 12 months beginning from December 2017 throughout the whole year of 2018, when addresses numbers oscillated between roughly 720,000 and 690,000. Reportedly, balance-bearing Bitcoin wallets of wholecoiners is around 0.47% since Bitcoin addresses currently holding less value of BTC are over 32.95 million.
Addresses Holders with at Least 1 BTC Surge in 2020
In September, the Bitcoin wholecoiner club hit a new all-time high when the number of addresses rose to 823,000. Top-tier exchanges showed data points of retail traders accumulating, making the number of wallet addresses holding a whole Bitcoin to rise rapidly. Big capital inflows in the crypto market seen in August attracted not only institutional investors but also retail ones, causing the accumulation of the digital asset to occur at a rapid pace over the past weeks.
In April, the Bitcoin Twitter community turned a certain Colombian Sats Stacker to Wholecoiner in just Under 24 Hours. After revealing that he had bought an extra 0.3 BTC to increase his Bitcoin stack amount, the Columbian got donations ranging from a few thousand sats to 0.01BTC and even to an undisclosed value. The events made the Colombian the owner of a whole Bitcoin in just a matter of hours.
Investors Project Good Prospects Due to the Increase
The rise in the number of wholecoiners is crucial as it shows that a lot of people are pegged on increasing their crypto reserves. Meaning, if the number of addresses with at least one Bitcoin increase, trust in BTC’s medium and long-term prospects will significantly escalate as investors expect the cryptocurrency to bring good business.
Related to the wholecoiners, the whales have been causing a significant impact on the crypto environment. They are the risk-loving high-net-worth individuals who determine the direction of the cryptocurrency market. Through their bulk buying and selling activities, they are able to influence the price of BTC. For instance, yesterday, Coinspeaker reported whale activity having caused a sudden 11% drop in BTC price. At press time, BTC was just oscillating under the $17K mark.
As Bitcoin price rebounded prior to options expiry, traders took advantage of negative funding rates to initiate long positions, leading to a recovery.
