Bitcoin (BTC) addresses holding 1 BTC are on the rise — but only a maximum of 800,000 people currently ain a whole coin.

That is according to data released on March 28, which put the total number of wallets containing at to the lowest degree 1 BTC at all-time highs.

Are "Wholecoiners" multiplying?

The figures from monitoring resource Glassnode claim that 797,420 wallets now have a rest equal to or more than a whole Bitcoin. The number has increased by 101 wallets in the past 24 hours.

Individuals may take admission to more than i wallet, significant it is unlikely that even the equivalent number of people ain 1 BTC — the number of wallet owners could differ considerably. At the same time, those owners may have access to wallets with slightly lower balances.

Bitcoin wallet addresses with 1 BTC balance or higher

Bitcoin wallet addresses with 1 BTC balance or higher. Source: Glassnode

The continuing uptrend in wallet balances higher up the 1 BTC threshold comes as analysts propose that major Bitcoin holders, or "whales," are accumulating thanks to lower prices in March.

The phenomenon should be especially apparent amid miners, with mounting production costs versus BTC/USD value leading to a shift in participation. One theory endorsed by Cointelegraph Markets' Keith Wareing suggests that miners who weathered Bitcoin's drop to $three,700 this month will accumulate at present in order to kickoff the drop in income when mining rewards halve to 6.25 BTC per block in May.

Toll action underscores low selling interest

Meanwhile, other statistics show that traders take been moving funds off exchanges — a sign that property, non selling BTC, is their preferred action nether current conditions.

According to Glassnode, exchange balances are at their lowest since December, when BTC/USD traded at around $seven,300.

Bitcoin exchange balance chart

Bitcoin substitution residual chart. Source: Glassnode

In the short term, that status quo may well linger. Every bit young man Cointelegraph Markets analyst filbfilb told followers on Saturday, the outlook for BTC/USD appeared to be bound by long-term moving average resistance.

"There is literally no timeframe I'm interested in telling me that bulls are in some sort of control position," he summarized.