Bitcoin Wallets with 1 BTC or More Near a 800K All Time High

News / 28.03.2020

Bitcoin addresses with 1 BTC or more are getting closer to the 800K mark, an ATH, according to a recent report.

Data released by crypto statistic resource Glassnode on March 28, reveals that the total number of Bitcoin wallets containing at least 1 BTC currently stands at 797,420. Within a 24 hour period, the totals have increased by 101 wallets.

It is also important to note that some individuals may have access to more than 1 Bitcoin wallets. This implies that the equivalent number of people who own 1 BTC or more may be totally different from the number of wallets. It is also a possibility that those owners of the wallets may have access to other different wallets with slightly lower balances.

This continuous rise in wallet balances above the 1 BTC mark comes as analysts suggest that Bitcoin whales are accumulating more of the coins amid the lower prices in March. However, other studies also show that traders have been moving funds from their exchange accounts.

Glassnode also presented another data suggesting that exchange balances are at their lowest since late 2019 when Bitcoin was trading around $7,300. This is an indication that the BTC holders are looking at the long term investment picture, not selling under the current situation.

The situation should be especially obvious among miners, amidst the increasing production costs versus Bitcoin price which has led to a shift in participation. Some analysts suggest that miners who saw Bitcoin drop to the $3,700 mark this month want to fill their bags now in order to make up for the drop in income in the upcoming halving.

Looking at the short term, the status quo might stand, as some analysts claim the outlook for BTC price appeared to be bound by long term moving average resistance.

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Dacosta Osei-Tutu, a first degree holder in Nursing, who couples his Nursing career with blockchain blogging, has a great passion for the blockchain technology and aims to play a vital role in applying this revolutionary technology to disrupt the healthcare system in Africa.