Record Bitcoin Addresses Holding Over 10 BTC
Rise in Bitcoin Addresses
The number of Bitcoin addresses holding at least 10 BTC has reached an all-time high, surpassing the previous record set in 2019. Currently, there are 157,400 such wallets, reflecting an 8.12% increase from February 2022. This growth suggests a consistent accumulation trend among retail investors over the past 20 months.
Accumulation Trends
The increase in addresses with significant Bitcoin holdings indicates a historic rise in "shark" and "whale" wallets. Since 2022, an additional 11,806 addresses have crossed the 10 BTC threshold. Despite Bitcoin's price volatility, the steady growth in retail accumulation demonstrates a strong interest in holding larger Bitcoin quantities.
Market Implications
The rise in wallets with 10 or more Bitcoins does not necessarily imply heightened market activity, as these balances might result from large transactions or single-user holdings. Nevertheless, it highlights a crucial trend in the market dynamics, where more investors are inclined to hold substantial Bitcoin amounts.
Recent Bitcoin Price Movements
Bitcoin's price experienced a notable recovery, reaching $26,910 on October 14, following reports that the SEC would not appeal the Grayscale case ruling. This decision could pave the way for the Grayscale Bitcoin Trust to convert into an ETF, with other asset managers like BlackRock and Fidelity also awaiting SEC decisions on similar applications.
Bitcoin's price was slightly up by 0.37%, standing at $26,898 at the time of the report. This reflects ongoing interest and potential regulatory shifts that could impact Bitcoin's market landscape in the near future.
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