Bitcoin addresses have reached a record high as their price consolidates between $28,900 and $31,500, indicating strong interest and adoption in the cryptocurrency world. Strong interest from whales and retail investors has also been observed.
According to Glassnode, the number of fractions of Bitcoin holdings in addresses has reached an all-time high of 48,039,035. The previous all-time high was observed on August 12, 2023. On August 9, 2023, a similar report was observed by Todayq News, stating that the wallet holding Ethereum has surpassed 100 million.
For almost two months, the price of Bitcoin has been consolidating in a tight range between $28,900 and $31,500. It seems that there is a continuous rise in the number of non-zero addresses. Upon analyzing the data, it is evident that this number was around 30 million in 2021. In less than two years, this number has seen immense growth.
The rising number of addresses holding Bitcoin can be attributed to a few reasons. In June 2023, major asset management firms filed Spot Bitcoin ETF applications, including key players like BlackRock, WisdomTree, Invesco, Fidelity, and many others. Additionally, the recent approval of the Payment Stablecoin Act by the House of Financial Services Committee marks an initial step by US regulators toward crypto regulations.
According to data from Intotheblock, an on-chain analytics firm, as of August 7, 2023, whales hold a significant amount, approximately 248.6k Bitcoin, constituting about 1.28% of the total Bitcoin supply. Meanwhile, a group of 40 investors holds 1.87 million Bitcoins, representing around 9.62% of the total supply. Retail investors are consistently increasing their holdings; as of now, they collectively hold 17.3 million Bitcoins, which accounts for approximately 89.1% of the total supply.
Furthermore, the data indicates that approximately 33.39 million addresses are in profit, constituting around 70% of all Bitcoin holders. Conversely, 13.31 million addresses are facing losses, making up approximately 27.58% of total Bitcoin holders. A smaller number of addresses, 1.54 million to be exact, are at breakeven, accounting for about 3.20% of total Bitcoin holders.
In addition to the increasing number of non-zero addresses, whales are also consistently expanding their holdings, showing a strong interest in Bitcoin. This positive trend could significantly contribute to Bitcoin’s ongoing adoption as both a store of value and a means of transaction. Currently, Bitcoin is trading around $29,400 and has moved above the 200-day Exponential Moving Average (EMA).