Tomiwabold Olajide
Since 2022, there has been a historic increase in wallets with at least 10 BTC
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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.
A total of 157,400 wallets represent a new high in the number of Bitcoin retail addresses with over 10 BTC.
Santiment noted that there has been a historic increase in shark and whale wallets holding at least 10 BTC since 2022. This key on-chain metric has seen sustained growth over the past 20 months, likely indicating steady Bitcoin accumulation by retail addresses.
There are currently 157,400 wallets with more than 10 Bitcoins, an increase of approximately 8.12% from February 2022.
Santiment notes that in the last 20 months since this accumulation of new large wallets began, 11,806 additional addresses have reached the threshold of owning more than 10 BTC.
Despite price fluctuations, retail accumulation has remained consistent over the years, as shown by the increase in the number of addresses holding one or even ten Bitcoins.
However, the growth in the number of addresses with balances of 10 or more Bitcoins does not necessarily indicate increasing market participation. This is because these small balances could be leftovers from large transactions or one-time user holdings.
BTC price action
Bitcoin rallied to a high of $26,910 on October 14 after it was reported that the SEC would not appeal the ruling in the Grayscale case.
In August, a court reprimanded the SEC for rejecting Grayscale’s attempt to convert its Bitcoin (BTC) trust into an ETF.
A person familiar with the situation said on Friday that the regulator would not appeal the loss, increasing the chances that the Grayscale Bitcoin Trust (GBTC) would be converted into an ETF.
Several other asset managers, including BlackRock and Fidelity, have similar SEC filings pending for a spot Bitcoin ETF. The SEC is expected to rule on such applications no later than next year.
BTC is up 0.37% in the last 24 hours at $26,898 at the time of writing.
About the author
Tomiwabold Olajide
Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducts comprehensive price analysis, and shares predictions on estimated market trends. Tomiwabold graduated from the University of Lagos.
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