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Bitcoin Retail Addresses With 10 BTC Jump to Never-Seen Highs: Details

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Sat, 14/10/2023 - 20:06
Bitcoin Retail Addresses With 10 BTC Jump to Never-Seen Highs: Details
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According to on-chain analytics firm Santiment, the number of addresses holding at least 10 Bitcoins has surpassed the previous record set in 2019.

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A total of 157,400 wallets represent a new high set in the number of Bitcoin retail addresses with over 10 BTC.

Santiment noted that there has been a historic rise in shark and whale wallets holding at least 10 BTC since 2022. This key on-chain metric has seen sustained growth over the last 20 months, presumably indicating steady Bitcoin accumulation by retail addresses.

There are presently 157,400 wallets holding more than 10 Bitcoins, an increase of roughly 8.12% from February 2022.

Santiment observes that in the past 20 months since this accumulation of new large wallets began, 11,806 more addresses have met the threshold of holding over 10 BTC.

Despite price fluctuations, retail accumulation, as shown by the increase in the number of addresses with one or even ten Bitcoins, has remained consistent over the years.

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However, growth in the number of addresses with a balance of 10 or more Bitcoins does not necessarily suggest increasing market involvement. This is because these small balances could be remnants of large transactions or one-time user holdings.

BTC price action

Bitcoin recovered to a high of $26,910 on Oct. 14 on reports that the SEC would not appeal the Grayscale case ruling.

In August, a court chastised the SEC for rejecting Grayscale's attempt to convert its Bitcoin (BTC) trust into an ETF.

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A person familiar with the situation stated on Friday that the regulator will not appeal the loss, increasing the chances that the Grayscale Bitcoin trust (GBTC) will be converted into an ETF.

Several other asset managers, including BlackRock and Fidelity, have comparable SEC filings for a spot Bitcoin ETF pending. The SEC is expected to decide on such applications by next year at the latest.

BTC was up 0.37% in the last 24 hours at the time of writing to $26,898. 

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