The crypto agony is over for some of the crypto community, as strong believers in Bitcoin (BTC) fill up their wallets with more BTC and join the ‘wholecoiner’ crew, which is ready to sail through the crypto hardships.
A ‘wholecoiner’ is someone who has 1 BTC or more in their wallet. In the last 7 days, there’s been 13,091 new ‘wholecoiners’, meaning that people who strongly believe in Bitcoin as a long-term investment tend to ‘buy the dip’ and don’t give into panic. The CEO of BT.CX, a well-known Swedish crypto exchange, states that ‘people have a strong belief in the future of the Bitcoin network and the value of the currency’. As a result, the number of crypto wallets holding at least 1 BTC now soared to 865K.
Retail Buyers are Rushing to Buy Bitcoin
The research by Glassnode has revealed that when Bitcoin floats around the support line of $20,000, the typical retail trader wants to buy as much BTC as possible. To add, the parabolic sequence that can be seen in the chart below has been running for over 7 days already, and the activity skyrocketed when Bitcoin (BTC) hit its lowest in a long while – $17,760.77 on June 19th.
Equality According to Gini
According to an analyst named Corradi Gini, the inequality between income in the wallets can be measured by the Gini coefficient. Satoshi Nakamoto mining the first-ever Bitcoin shot up the coefficient to 1 and ever since then it’s been dropping. Over a decade later, the Gini coefficient shows increased equality, mostly thanks to the community vibe that Bitcoin (BTC) has adopted successfully over the years.
#Bitcoin deservedly flows from weak hands to strong hands. Congrats to all the newly-minted wholecoiners out there — your descendants thank you! https://t.co/VLkrGlHyzoBitcoin (BTC) Price Back from the Dead— Sean Snider (@SeanSniderBtc) June 20, 2022
Interestingly enough, ‘Bitcoin dead’ was one of the top keywords on Google (NASDAQ:GOOGL) just last weekend, but Bitcoin (BTC) managed to bounce back and now is floating above the $20,000 support line. At press time, BTC is trading at $21,058.18 according to CoinGecko. That’s a 2.8% increase in the last 24 hours, but there’s still a long way to go to regain the value of the previous month, as Bitcoin (BTC) is trading 28.5% lower than exactly a month ago.
On the Flipside
- Fear and Greed Index hits 7, which indicates panic among the crypto community and an good opportunity to buy
