The Psychology of the Bitcoin Wholecoiner: FOMO or HODL?

The number of Bitcoin holders owning one or more whole Bitcoins has surpassed one million, according to analytics platform IntoTheBlock, demonstrating the growing mainstream acceptance of Bitcoin.

This chart shows the number of addresses holding more than 1 Bitcoin.

🪙There are currently over 1 million wholecoiners

📈There is a clear long-term trend, as more and more people aim to achieve wholecoiner status. pic.twitter.com/QrZgbRGgc7

— IntoTheBlock (@intotheblock) June 27, 2024

A data chart attached to IntoTheBlock’s post illustrated that exactly 1,010,777 addresses hold more than one Bitcoin as of the time of the post. The chart also reflected the growing trend of whole Bitcoin holders, showing how the number has increased over the years despite Bitcoin’s volatility and significant price fluctuations.

An examination of the long-term Bitcoin accumulation trend reveals a steady rise in the number of addresses holding Bitcoin. Notably, the number of crypto wallet addresses holding over one Bitcoin crossed the 600,000 threshold for the first time in 2017. It took approximately seven years for the number of addresses to reach the 1 million milestone amid several developments around Bitcoin and the broader crypto industry.

One such event is the spot Bitcoin ETF approval granted last January, which analysts predict paved the way for more investors, especially those in the mainstream, to gain access to Bitcoin investment. It is worth noting that beyond providing opportunities to mainstream investors, the ETF approval boosted confidence for more individual investors adopting the digital asset.

The increasing number of BTC holders underscores the digital asset’s robustness, highlighting the decentralization and distribution of the cryptocurrency among individual holders, which could contribute to the digital asset’s resilience and long-term stability.

According to crypto market trends, users buy more Bitcoins during price dips in an established uptrend. Hence, the current dip in Bitcoin’s price could present an accumulation opportunity for users. Bitcoin traded for $60,689 at the time of writing, reflecting an 18% dip from the all-time high of $73,794 achieved in March, according to data from TradingView.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Source