Bitcoin addresses holding 1 BTC or more are set to hit 800,000 all-time highs, according to a recent report.
Data released by monitoring resource, Glassnode on March 28 reveals that the total number of Bitcoin wallets containing at least 1 BTC currently stands at 797,420. The figure has increased by 101 wallets within the past 24 hours.
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 owns 1 BTC or more may be considerably different from the number of wallets. It could also happen 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 threshold 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.
Another data from Glassnode also suggests that exchange balances are at their lowest since December 2019 when Bitcoin was trading around $7,300. This is an indication that the BTC holders are in for long term investment, 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 witnessed Bitcoin’s drop to as low as $3,700 this month want to fill their bags now in order to make up for the drop in income in the upcoming halving.
In the short term, this status quo may remain, as some analysts claim the outlook for BTC price appeared to be bound by long term moving average resistance.