Smaller wallet addresses in the bitcoin (BTC) ecosystem continue to accumulate BTC despite market turmoil.
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 firm Glassnode, the number of wallets holding at least 1 BTC or more has grown to 950,000.
Bitcoin podcast host Jake Woodhouse told Cointelegraph that “to the untrained eye, the price of something reflects its value. However, price should not be confused with value, as the latest bitcoin market data shows. He adds:
“Plebeians around the world are flocking to bitcoin because they see it as an opportunity to hoard an undervalued asset, and most assume it has no value as the price falls. Bitcoin is dead, the general public is crying… Is it? Of course, many agree. “.
The bitcoin “plebs” is the name given to ordinary people around the world who support bitcoin. Plebeians buy bitcoins, or, in plebeian parlance, stack sats (satoshis), and continue to believe in bitcoin despite mainstream media efforts to praise the decentralized technology.
This trend coincides with the billion dollar event of bitcoin and cryptocurrency exchanges. As Woodhouse points out, the more moderate bitcoin plebs are showing a higher level of conviction as the price approaches levels of 10 years ago.
Woodhouse addresses the issue of autonomous cryptocurrency ownership: “How many of these BTC are held personally and will never be transferred again? My bet: the majority”. In fact, after the FTX fiasco, some bitcoin enthusiasts are learning how to take their bitcoins, seeing record withdrawals on exchanges.
According to data from Glassnode, exchange balances have been declining since the beginning of the year. In January, exchange balances were about 2.8 million, or almost 15% of the total bitcoin mining supply. In November, exchange balances fell to 2.3 million bitcoins, less than 11% of the total supply.
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Woodhouse told Cointelegraph, “The bear market is highlighting fraudsters who sold bitcoin derivatives, naturally promoting bitcoin’s superpower of self-preservation, which I think individuals are paying attention to; a huge positivity sign for bitcoin bulls. “.
Billionaire Michael Saylor, one of bitcoin’s wealthiest backers, agrees. Saylor recently shared thoughts with Cointelegraph regarding the bear market. He advised bitcoin buyers to relax and focus on the big picture.