1 Million Bitcoin Wallets: Could It Impact BTC Price?
• The number of Bitcoin wallets with at least 1 BTC has skyrocketed from 800,000 to 980,000 in the past 15 months.
• The FTX collapse accelerated the trend towards crypto self-custody and high-conviction retail investors buying the dip.
• If the current pace of growth continues, it is likely that this number will reach 1 million soon.
Bitcoin Wallets With At Least 1 BTC On The Rise
The world’s largest cryptocurrency by market capitalization, Bitcoin (BTC), has seen its number of wallets with a balance of at least one token increase rapidly over the past 15 months. From slightly more than 800,000 wallets when Bitcoin hit its record highs at $69,000 in November 2021, this figure has now risen to over 980,000.
FTX Collapse Accelerates Shift Towards Self-Custody
The recent collapse of formerly one of the world’s largest cryptocurrency exchanges FTX resulted in customers losing access to billions worth of crypto deposits. This dealt a severe blow to investor confidence in depositing their assets in centralized entities and led to a rapid shift towards crypto self-custody. Additionally, high-conviction retail investors have used this bear market as an opportunity to own at least one BTC for the first time – further increasing the number of wallets holding at least 1 BTC token.
1 Million Wallets Could Be Reached Soon
If the current pace of growth continues, it is likely that this figure will soon surpass one million wallets with at least one BTC token each. This could occur before Bitcoin’s price reaches its all-time high once again due to growth being independent from price appreciation during 2022’s bear market.
Impacts On The Price Of Bitcoin
Recent history suggests that an increase in wallets holding 1 BTC does not necessarily go hand in hand with upside movements on its price chart – meaning that if it keeps growing like this then it could be reached even if prices continue falling instead or going sideways from hereon out.
As more and more retail investors opt for self-custody solutions and buy up coins during dips – such as what we’ve seen since late 2021 – it looks like we are heading for a future where there are over a million wallets holding at least one BTC token soon enough!