Small wallet addresses, those with 0.1 Bitcoins or more, continued accumulating BTC at a pretty rapid rate.
Wallets with One BTC or More Rose Steadily, Suggest More Retail Buying
Bye-bye downtrend and bear run; it is time for Bitcoin (BTC) believers. For about one week, the number of wallets with one BTC or more rose by 13,091. The total number of “wholecoioners” increased to 865,254.
The total number of wholecoiners shot up during the bear market, which is a good thing for a crypto ecosystem because it is growing from the ground up, according to Christian Ander, the Founder of BTCX.
After May 10 to around 20th May, new 14,000 wholecoiners have been added to the network. Because the total number of Bitcoins is 21 million, each wallet address will own 1/21,000,000.
At the current price range of USD20K/BTC, the sharp increase in the number of coins would indicate that retailers are purchasing BTC as their income would allow. Over the last ten days, addresses adding 0.1BTC or more have also grown significantly.
In contrast, wallets with over 100 BTC have dropped by 136 during the same period. This means that “whale” wallets might be unloading their wallets.
When Satoshi Nakamoto mined the first BTC in January 2009, the Gini coefficient was 1, which implies the income inequality on the network was at its peak. The Gini coefficient was created by statistician Corradi Gini, which represents income inequality in a social group. In the case of Bitcoin, it can be mapped onto the wallet addresses.
When the first Bitcoin believer, Hal Finney, started mining and receiving BTC, the Gini coefficient dropped from 1. It has continued on a downtrend ever since, showing that wealth distribution is getting fairer on the network.