Over 13k ‘wholecoiners’ join BTC network in a week

20 Jun 2022

The number of Bitcoin wallets containing one BTC or more has risen by 13,091 over the past week, taking the total number of so-called ‘wholecoiners’ to 865,254.

During the recent crypto downturn, the number of Bitcoin wholecoiners has surged, as per Glassnode data. 

According to Swedish Bitcoin exchange BT.CX founder, Christian Ander: "This is good for the ecosystem that it’s growing from the ground up because want the economy to be bottom up.

“People have a strong belief in the future of the Bitcoin network and the value of the currency,” he added.

Over the last 10 days, more than 14,000 wholecoiners have joined the network, Cointelegraph reports. Taking into account Bitcoin’s supply cap of 21 million, these wallets will own one twenty-one millionth of all Bitcoin.

The number of addresses acquiring 0.1 BTC or more has also skyrocketed over the last 10 days. However, in contrast, the number of wallets holding more than 100 Bitcoin has fallen by 136 over the same time period.

When the first Bitcoin was mined by Satoshi Nakamoto back in January 2009, the so-called Gini coefficient was 1. This meant that income inequality was at its peak. Developed by statistician Corrado Gini, the Gini coefficient indicated income inequality or wealth inequality within a social group. In regard to Bitcoin, it can be utilised on wallet addresses, the Cointelegraph report adds.

The world’s largest cryptocurrency by market cap dropped to a low of $17,592.78 on Saturday, falling under the $20,000 mark for the first time since the end of 2020, Reuters reports. After losing 37% of its value in June, at the time of writing the price of Bitcoin stood at $20,925.

deVere CEO Nigel Green said of the crypto crash last week: “Despite the crypto crash, like many long-term crypto investors I’m still accumulating Bitcoin. I’m using the volatility as a buying opportunity; I’m topping up my investment portfolio at a lower price point.

“The reason why I’m still buying Bitcoin? Because I’m confident that digital, global, borderless, decentralised, tamper-proof, unconfiscatable money is, inevitably, the future.”