The crypto agony is over for some in the community, as strong believers in Bitcoin (BTC) have filled their wallets with BTC to join the crusade of the ‘wholecoiner’ crew, which is readying people 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’, which is a clear indication of people who strongly believe in Bitcoin as a long-term investment that tend to “buy the dip”, and don’t give into panic. The CEO of BT.CX, a well-known Swedish crypto exchange, stated 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 has solidified to 865K strong.
Retail Buyers Are Rushing to Buy Bitcoin
Research by Glassnode reveals that, when bitcoin is floating around the support level of $20,000, the typical retail trader wants to buy as much BTC as possible. Adding to this, the parabolic sequence, seen in the chart below, has been running for over 7 days already, with activity skyrocketing when Bitcoin (BTC) hit its lowest point in 18 months at $17,760.77, recorded 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 set the coefficient to 1, and it has been dropping ever since. Now, over a decade later, the Gini coefficient shows an increase in equality, mostly thanks to the feeling of community that Bitcoin (BTC) has successfuly nurtured over the years.
Bitcoin’s (BTC) Price Back from the Dead
Interestingly, ‘Bitcoin dead’ was one of the top keywords on Google just last weekend, but Bitcoin (BTC) has once again managed to bounce back, and is now floating at above the $20,000 support line. At press time, BTC is trading at $21,058.18, according to CoinGecko. That represents a 2.8% increase in the last 24 hours, but there’s still a long road ahead if the leading digital asset is to regain the values recorded in the previous month, as Bitcoin (BTC) is trading 28.5% lower than at this time in May.
On the Flipside
- The Fear and Greed Index has hit 7, which indicates general panic among the crypto community, but also a potentially good opportunity to buy.