Piles of money/bitcoins, text saying get your bitcoin while the getting is good

People are stocking up on Bitcoin during the Bear Market like it was toilet paper during the pandemic

By Patch | Things of note and other interesting stuff | 28 Jun 2022

The recent Bear Market has had a huge impact on crypto prices across the board. And this being my first even bear market I have spent most of it just trying to read up on what is what and looking at everything with those big eyes kids have when they see something amazing for the first time. But what are other more seasoned crypto people doing?

People are buying Bitcoin left and right

The number of "wholecoiners" have increased in the past weeks and has now according to the latest number reached a whopping total of 865,254 wallets. And in case you like me were unfamiliar with the term "wholecoiner" it simply means a wallet that holds 1 whole Bitcoin.

If this is a general shift in the market I do not know. It could just be people buying Bitcoin for long-term investment. And then buying at the absolute bottom is not that important, but what is important is buying when the price is generally low compared to what you think it will be in a few years' time.

What are the whales doing?

I recently wrote a post about how miners were selling all their coines mined in May. And I assume they will be doing that this month as well. While they may be forced to sell due to the need to pay their bills. What are the other big holders of Bitcoins doing, the whales?

By all accounts, they are also buying and buying Bitcoins. And an indication of that is that the number of wallets holding 10000 or more bitcoins has also increased. Just like the number of "wholecoiners" has. And their numbers have now reached 100 wallets. This means they alone account for at least 1/21 of all Bitcoin available. Which is just crazy when you think about it.

Sadly I do not think this shopping spree will be enough to switch the mindset of the market in general. But hopefully, it is a sign that the end is close.

What do you think about all of this, have you used this relatively low Bitcoin price as an investment opportunity to stock up on Bitcoin, or are you waiting for even lower prices? Please share your thoughts on this in the comment section down below.

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