A sharp fall in the cryptocurrency’s price in May and June appears to have coincided with the increase in wallet addresses holding more than one Bitcoin.
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Smaller Bitcoin (BTC) investors have found a unique opportunity during the crypto slump to snap up their favorite cryptocurrency. The number of “wholecoiners” has surged by 40,000 since the June slump alone.
According to LookIntoBitcoin, the number of BTC “wholecoiners” has been steadily increasing since January 31, when the BTC price was around $38,000.
However, Bitcoin’s price fell around 27% in May and another 40% in June, the same month that saw 25,389 new wallets holding at least one whole Bitcoin.
BTC’s price at the current time of writing is $23,035, down 64% from its ATH of $64,400 in November 2021, and the number of wholecoiners is currently at an all-time high of 891,346 as of August 1, 2022.
Crypto investor Lark Davis told his Twitter followers on Monday that “a lot of people are hitting their whole coin goal!”
The number of wallet addresses holding at least 1 #bitcoin has jumped by about 40,000 since the crash started!
A lot of people hitting their whole coin goal! pic.twitter.com/5Lh1hRLKIh
— Lark Davis (@TheCryptoLark) August 2, 2022
Interestingly, the data shows the number of wallets holding more than 10 BTC, 100BTC and 1000BTC have started to taper off, or even decline during the same period.
Wallet addresses with more than 10 BTC rose by only 600 since May, addresses with more than 100 BTC have declined by 125, and wallets with more than 1,000 BTC have fallen by 113.
Bitcoin’s price has been trending up since mid-July, however, there are mixed opinions on whether the cryptocurrency has already met its bottom, or if further downsides are on the way.