Bitcoin Wallets with 1> BTC are at ATH, Who’s buying the dip?

Paigambar Mohan Raj
Source: Wealth of geeks

The recent crypto market crash witnessed some of the most shocking moments in crypto history. We saw a stable coin de-peg from the dollar and plummet, we saw a top-10 crypto project, worth over $100 dollars fall from grace, and reach near-zero value. Bitcoin (BTC) reached a low of $26,700, a price last observed in December of 2020.

Although Bitcoin (BTC) continues to struggle to recapture last year’s highs, new data shows that addresses containing at least one BTC are on the rise. According to data published by blockchain analysis company Glassnode, the number of Bitcoin addresses containing one Bitcoin or more reached an all-time high of 841,224 on May 16, 2022.

Source: Glassnode

The rising number of holders has corresponded with BTC’s 55% slide from its all-time high of more than $69,000, attained in November of last year.

Who’s buying the Bitcoin dip?

Even with such extreme volatility, purchasing one Bitcoin remains prohibitively expensive for most retail investors. As a result, when the asset’s value dropped, big investors known as whales may have increased their holdings in the asset.

Despite the fact that the whales hold a large amount of the asset, the majority of Bitcoins are distributed among individual investors who possess parts of the original cryptocurrency.

It’s worth noting that the number of persons owning at least 1 BTC is not reflected in the statistics on addresses with at least 1 BTC. The number of wallet owners varies widely in various circumstances, and some persons may have access to wallets with lesser holdings.

There is concern that the market is about to implode again, and Bitcoin might go significantly lower than $25,000. Investors feel that a crash is no longer a question of “how,” but rather “when.”

Bitcoin, according to HEX creator Richard Heart, is due for major corrections and will fall to $11,000 in the next months.

At press time BTC was trading at $30,495.82, up by 3.1% in the last 24 hours.