Bitcoin Adoption High Amid Bitcoin Halving, No. of Bitcoin (BTC) Wallets Holding At Least 0.1 BTC Hit ATH

  • Over 3 million Bitcoin wallets hold at least 0.1 BTC for the first time in history.
  • Does the increase in account wallets signal a possible bullish run heading into Bitcoin’s halving?

The number of Bitcoin wallet addresses holding at least 0.1 BTC (~$770 USD) hit an all-time high (ATH) on April 28, 2020. The total number of wallets holding this at least 0.1 BTC has skyrocketed in the past few months to reach 3,011,525 wallet addresses at the time of writing. Is the soar in the number of BTC addresses holding small amounts an indication of retail buyers flocking into the market?

Could this spike in retail users of the top crypto signal a possible bullish run in BTC’s market as we approach the third halving in May?

Bitcoin Sets New ATH For Number of “small wallets”

Bitcoin wallets holding at least 0.1 BTC at its highest point yet as retail adoption rates spike heading into Bitcoin’s block reward halving. The total number of BTC addresses holding between 0.1 BTC and 1 BTC currently stands at 2,189,582 addresses – the largest share in the pool. The next band of HODLers wallets holding between 1 and 10 BTC stands at 657,211; 10-100 BTC at 138,648 addresses and 100-1,000 BTC at 13,976.

Image: Glassnode

Large Bitcoin wallets, holding above 1,000 BTC are yet to cross the 3,000 thresholds with 2000 wallets holding between 1,000 BTC and 10,000 BTC; and 108 wallet addresses holding 10,000-100,000 BTC.

Topping the list is three huge wallet addresses owned by the top crypto exchanges – Huobi, Bitfinex, and Binance. Huobi exchange currently holds around 255,502 BTC or $1.9 billion worth of BTC.

A Rise in Retail Buyers, Accumulation Phase?

Bitcoin newbies and retailers are getting into the bandwagon quickly as seen by data collected on Glassnode. The total number of addresses holding at least 0.1 BTC has shot up by 16.1% since last year April. This growth however is not an uncommon fundamental advantage of Bitcoin as the wallets have been increasing since the “2018 user capitulation” in March.

After hitting a yearly low of 2.31 million BTC addresses in Mar 2018, interest from retail customers (who hold less than 1 BTC) shot up reaching a peak of 2.8 million addresses on October 24th, 2019, representing a mammoth 23% increase in 18 months.

Despite Bitcoin prices falling below $3,800 in March this year, the growth of BTC addresses soared even further boosted by 6% from the end of February to today’s all-time highs. The rising number of addresses accumulating greater amounts of BTC is a sign that the adoption of BTC as a store of value is increasing.

Do you think the increasing retail wallets offer a bullish signal for BTC heading to its halving?

Source: coingape.com

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