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Bitcoin Retail Addresses Surge to Unprecedented Levels, Boosted by a 10 BTC Leap: All You Need to Know

Bitcoin Retail Addresses with 10 BTC Reach New Highs: Details

On-chain analytics firm reports that the number of addresses holding at least 10 Bitcoins has exceeded the previous record set in 2019.

Record Number of Retail Addresses Holding 10 BTC

A new high of 157,400 wallets now represent the number of retail addresses with over 10 BTC.

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Santiment, a leading analytics firm, has observed a historic rise in the number of shark and whale wallets holding at least 10 BTC since 2022. This key on-chain metric has shown consistent growth over the last 20 months, indicating steady accumulation by retail addresses.

Currently, there are 157,400 wallets holding more than 10 Bitcoins, reflecting an increase of approximately 8.12% since February 2022.

Santiment notes that in the past 20 months, an additional 11,806 addresses have met the threshold of holding over 10 BTC.

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Despite price fluctuations, the increase in the number of addresses with one or even ten Bitcoins suggests consistent retail accumulation over the years.

However, it is important to note that the growth in the number of addresses with a balance of 10 or more Bitcoins does not necessarily imply increasing market involvement. These small balances could be remnants of large transactions or one-time user holdings.

BTC Price Recovery

Bitcoin saw a recovery to a high of $26,910 on October 14th following reports that the SEC would not appeal the Grayscale case ruling.

In August, the SEC was criticized for rejecting Grayscale’s attempt to convert its Bitcoin trust into an ETF.

Recently, it was revealed that the regulator will not appeal the loss, which increases the likelihood of the Grayscale Bitcoin Trust (GBTC) being converted into an ETF.

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 by next 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.

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