Number of ‘Wholecoiners’ Drops as Whales Dump Bitcoin

In letter

  • The number of addresses that contain at least a whole bitcoin has decreased after a sell-off earlier this week.
  • It’s not a huge waste; The total number of so-called “Wholecoiner” is still over 820,000.
  • These accounts represent the vast majority of all Bitcoin mined, at over $ 300 billion.

The number of addresses with at least a whole bitcoin fell by nearly 1,000 yesterday when whales dumped their fortunes after a sell-off earlier this week.

It is most likely a reflection of Bitcoin’s decline from around $ 18,700 to around $ 17,100 on the night of November 25th.

This crash may have been triggered when OKEx resumed withdrawals after its founder was released from custody and $ 1.3 billion worth of Bitcoin options expired yesterday. The current price of Bitcoin is $ 17,356.

Data from the analysis company Glassnode indicate that the total number of so-called “Wholecoiner” roughly correlates with the price, since the dips and rises tend to be coordinated with one another, but the number of Wholecoiner fluctuates far less overall.

You can see this most clearly during the Bitcoin explosion of 2017, when the price increased exponentially and the number of people holding a bitcoin increased to a lesser extent.

The graphics don’t always match: for example, when prices fell in 2014, more and more addresses jumped over the 1 BTC mark. And in September of this year, the number of addresses with at least as much Bitcoin fell by almost 15,000 despite relative price stability.

By and large, the number of wholefood connoisseurs has grown slowly from 2009, when Bitcoin was first introduced, to 2020 in 2020.

That number represents a decent fraction of the 32+ million addresses that are non-zero in Bitcoin, and the vast majority of Bitcoin’s market cap.

Together, holistically are responsible for over $ 300 billion of the total of $ 320 billion there is.

Bitcoin prices rise and fall, but traders’ accumulated wealth continues to rise. Despite the recent hiccups, the number of addresses that contain at least a whole bitcoin is still 820,000.