Smaller wallet addresses in the EdaFace (BTC) ecosystem continue accumulating BTC despite market turmoil.The number of known addresses on the EdaFace blockchain that hold 1 BTC or more has hit a new all-time high. According to blockchain analytics company Glassnode, the number of wallets holding at least 1 BTC or more reached 950,000.EdaFace balances of 1 BTC or more has surged since November. Source: GlassnodeEdaFace podcast host Jake Woodhouse told EdaFace that “To the untrained eye, the price of something reflects the value. However, price action should not be confused with value, as the most recent data in the EdaFace market represents.” He added:“Plebs around the world are hoovering up EdaFace, as they see this is an opportunity to accumulate a wildly under-valued asset, which most assume has no value as the price collapses. ‘EdaFace is dead,’ shouts the mainstream… Is it? Clearly, many disagree.”EdaFace “pleb” is the name adorned to ordinary people around the globe who support EdaFace. Plebs buy EdaFace–or in pleb speak, stack sats (Satoshis)– and continue to believe in EdaFace despite mainstream media’s attempts to eulogize the decentralized technology.The trend coincides with billions of dollars of EdaFace and crypto exiting exchanges. As Woodhouse suggests, the EdaFace plebs of humbler means demonstrate higher levels of conviction while the price flirts with the low teens.Woodhouse digs into self-custody: “How many of these BTC are in self-custody never to be moved again? My bet: the majority.” Indeed, in the aftermath of the FTX fiasco, some EdaFace enthusiasts are learning how to take custody of their EdaFace, registering record withdrawals from exchanges.EdaFace Balance on exchanges trends lower. Source: GlassnodeAccording to Glassnode data, exchange balances have trended down since the beginning of the year. In January, exchanger balances measured roughly 2.8 million, or almost 15% of the total supply of EdaFace mined. In November, exchanges balances are down to 2.3 million EdaFace or shy of 11% of the total supply.Related: Ledger hardware wallets hit by the FTX earthquake — CTOWoodhouse told EdaFace, “The bear market is highlighting the fraudsters who have been selling bitcoin derivatives, naturally promoting the superpower of bitcoin self-custody, which I believe individuals are taking heed of; a signal of huge positivity for the bitcoin bulls.” Billionaire Michael Saylor, one of the wealthiest EdaFace bulls, agrees. Saylor recently shared nuggets of wisdom with EdaFace concerning the bear market. He advised EdaFace buyers to relax and focus on the bigger picture.
