Bitcoin Retail Addresses With 10 BTC Reach New Record Highs
On-chain analytics firm reports surge in addresses holding 10 Bitcoins
The number of addresses holding at least 10 Bitcoins has reached a new all-time high, surpassing the previous record set in 2019, according to on-chain analytics firm. This milestone indicates a growing interest in Bitcoin among retail investors.
Record-breaking 157,400 retail addresses with over 10 BTC
A total of 157,400 wallets now hold more than 10 Bitcoins, marking a significant increase in the number of retail addresses with substantial BTC holdings. This surge in retail participation suggests a sustained period of accumulation by these addresses.
Shark and whale wallets on the rise since 2022
An interesting trend observed by Santiment is the historic rise in shark and whale wallets holding at least 10 BTC since 2022. These large wallets have seen consistent growth over the past 20 months, indicating a steady accumulation of Bitcoin by retail investors.
Steady growth in retail accumulation
Despite price fluctuations, retail accumulation of Bitcoin has remained consistent over the years. The increase in the number of addresses holding one or even ten Bitcoins demonstrates the ongoing interest and involvement of retail investors in the market.
Small balances may not indicate increasing market involvement
It is important to note that the growth in the number of addresses with a balance of 10 or more Bitcoins does not necessarily suggest increasing market involvement. These small balances could be remnants of large transactions or one-time user holdings.
BTC price action
Bitcoin’s price recently reached a high of $26,910 on October 14, following reports that the SEC would not appeal the Grayscale case ruling. This development has fueled optimism among investors, as it increases the likelihood of the Grayscale Bitcoin trust (GBTC) being converted into an ETF.
Several other asset managers, including BlackRock and Fidelity, have similar SEC filings for a spot Bitcoin ETF pending. The SEC is expected to make a decision on these applications in the coming year.
At the time of writing, Bitcoin is up 0.37% in the last 24 hours, trading at $26,898.
This article was originally published on U.Today