Even though the crypto markets have been bearish in H1 2022, momentum favors the bold and strong hands. The number of addresses holding over 10k BTC recently hit 100 again, which is intriguing. Remember that will likely represent over 60 wallets belonging to exchanges and other trading service providers.
Holding 10k BTC Is Still Possible
One may be inclined to think a bear market makes every big bitcoin holder dump their portfolio in favor of stability. Most traditional traders operate in such a manner, but whales and other big players take a different approach. If anything, they will likely keep adding to their existing BTC stack and cost-average down. It is a solid and viable approach anyone can leverage, even if it requires more patience.
Per Glassnode, there are now 100 addresses holding 10k BTC or more. That is a significant amount, even at the current prices. Ten thousand BTC represent over $230 million, a sum most people will never see in their lifetime. Granted, most of these addresses will belong to exchanges and trading platforms. Any custodian can move funds around to new addresses to make this metric seem more enticing.
Additionally, at least one of these addresses likely belongs to Satoshi Nakamoto. Not entirely surprising, as the creator of bitcoin was one of the few people keeping the network afloat when it initially launched. Although others helped mine some blocks early on, Satoshi was the one who did most of the legwork. Interestingly none of those funds have ever been moved, and it seems unlikely they ever will.
The big question is who else might intend to pick up more BTC. Tesla and Elon Musk certainly won’t, as the company liquidated 75% of its holdings. That doesn’t mean they didn’t buy back at a lower price, although that is mere speculation at this point. Every person selling bitcoin will always find a buyer, even if prices keep going down for several months. Every dip is a new opportunity, especially for those looking to hold 10k BTC or more.
Addresses In Profit Nearly Hit 60%
Thanks to the people wanting to hold 10k BTC or more, the markets have begun to rebound somewhat. As prices rise, there will be more people in profit. That list will include those who bought BTC much earlier and those who acquired some during the recent market dip. Close to 60% of bitcoin addresses are in profit today, a big improvement over the 55% in early July 2022.
Such an increase in addresses in profit may push more people to buy bitcoin. Not everyone needs to own 10k BTC or more, but owning at least some BTC is essential. Stacking sats has never been easier than it is today, either through dollar-cost averaging or payment cards with cashback rewards in bitcoin. There is no valid excuse to not own bitcoin or try to own any.
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