Starting from early February 2022, around 190,000 whole coins were added while the value of Bitcoin decreased from its peak in November 2021. According to Glassnode co-founder @Negentropic, the best time to buy Bitcoin is when there is “blood in the streets,” as he shared with his 54,000 Twitter followers.
He made his comments following several notable banks collapses in the US and the Federal Reserve’s potential choice to cease raising interest rates. Glassnode is confident that Bitcoin will reach $35,000 by the middle of next year and has listed some reasons to support this belief.
Although “one million” is a significant milestone, it’s crucial to acknowledge that a single Bitcoin wallet address may not necessarily belong to just one person. Many investors in the crypto space possess several Bitcoin addresses, and there are also Bitcoin addresses belonging to prominent institutions like cryptocurrency exchanges and investment firms, which tend to hold large quantities of Bitcoin.
“Buy when there is Blood in the streets.”
📉$25.8k still remains a possibility, as indicated by the options market
🔮 Confident in our mid-term outlook of $35k as external pressures subside.
💼 Market pricing Fed pause in June, no rate cut – optimal for the run to $35k for… pic.twitter.com/xBnIyHK5A0
— 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) May 12, 2023
CoinGlass data reveals that centralized exchanges like Binance and Coinbase hold around 1.89 million BTC worth $50.7 billion, out of the total 19 million Bitcoin in circulation. Estimates from Glassnode suggest that 3 million BTC, which is worth $80.4 billion and represents 17% of the total circulating supply, are considered “lost forever.” The data used to create this figure is a blend of various sources, such as BTC sent to “burn addresses,” inactive wallets with lost keys, and sizable accounts that have been inactive for over ten years.