The one million wholecoiner milestone was hit on May 13, as per Glassnode data

The number of Bitcoin wallet addresses holding one whole BTC or more has crossed the one million mark.

The one million wholecoiner milestone was hit on May 13, as per Glassnode data.

As Bitcoin’s price dropped over 65 per cent during the course of 2022, the number of wallet addresses with one Bitcoin or more soared, with the most remarkable increases taking place during an acute market crash in June and from November 11, the date that FTX crashed and later filed for bankruptcy.

Overall, a huge 190k or so wholecoiners were added from early-February last year as Bitcoin’s price dropped from its November 2021 peaks.

The cofounder of Glassnode, @Negentropic, told his 54k Twitter followers that the best time to purchase Bitcoin is when there is “blood in the streets.”

His comments come amid several top bank failures in the US, as well as the Fed considering to possibly halting interest rate hikes in the coming months. These are a few of the reasons why Glassnode stated that it “remains confident” Bitcoin can hit a price of $35k in the mid-term.

While the round number “one million” marks a new record, it is worth noting that one Bitcoin wallet address does not necessarily represent a single person.

Many crypto investors have several Bitcoin addresses and other addresses belong to leading institutions such as cryptocurrency exchanges and investment companies that generally own large volumes of Bitcoin.

As per data from crypto analytics provider CoinGlass, of the nearly 19mln Bitcoin presently in circulation, 1.89mln of these BTC — worth $50.7bln — are held on leading centralized exchanges like Binance and Coinbase.