Rising Numbers of Retail Bitcoin Wallets
The number of Bitcoin addresses holding 10 or more Bitcoins has surged to a record-breaking high, reaching 157,400 wallets, surpassing the previous peak in 2019. On-chain analytics firm Santiment reported this substantial increase, indicating a historic rise in large retail wallets over the last 20 months.
Steady Accumulation Trends
This surge in Bitcoin addresses holding substantial amounts suggests consistent accumulation by retail investors, even amidst market fluctuations. The data reveals an 8.12% increase since February 2022, with 11,806 more addresses meeting the threshold of holding over 10 BTC during this period.
Market Dynamics and BTC Price Action
While the growth in the number of these addresses is notable, it’s important to note that it doesn’t necessarily indicate increasing market involvement. These balances could be remnants of large transactions or one-time holdings. Meanwhile, in the market, Bitcoin saw a recovery to $26,910 following positive news about the Grayscale case ruling.