Data from China indicates that the number of Bitcoin wallets holding a minimum of $100 is approaching its all-time high. According to Binance, the number of wallets holding at least $100 has increased from 24 million in January 2024 to nearly 30 million, showing a 25% annual growth. This trend signifies new participants entering the market, reflecting renewed interest and optimism in cryptocurrencies. Historically, an increase in wallets holding $100 or more has occurred during market booms, such as in late 2017 and 2021. A similar surge was also seen in mid-2024 due to Bitcoin surpassing the psychological $100,000 mark. The approval of spot Bitcoin ETFs, especially led by the IBIT fund from BlackRock, has played a significant role in institutional acceptance of this digital currency. By the end of 2024, ETF assets have doubled to reach 1.25 million Bitcoins, while the IBIT fund alone has collected over $50 billion in assets. On the other hand, market sentiments remain strong, with 86% of circulating Bitcoins ‘in profit.’ According to data from CryptoQuant, hodler addresses – wallets continuously accumulating Bitcoin without selling – have reached a record of 495,000 Bitcoins per month. Ki Young Ju, CEO of CryptoQuant, points out the difference in behaviors among Bitcoin holders, stating that ‘small Bitcoin investors are selling while those holding 1 Bitcoin or more are buying.’ Ju believes that the current cycle is in the ‘initial distribution phase,’ where new retail investors enter the market while institutional interest remains high. You can track the real-time prices of all digital tokens and cryptocurrencies on the live price page.
