Bitcoin Wallet Addresses Currently Holding More Than 0.1 BTC Has Hit A New All Time High

Key Points:

• Over 4 million Bitcoin wallet addresses, holding more than 0.1 BTC, hit a record high.
• The surge is linked to a 150% rise in Bitcoin’s price since the beginning of 2023.
• The milestone reflects Bitcoin’s increasing popularity as an alternative asset class and medium of exchange, with notable wins in 2023.

In a significant development for the cryptocurrency world, the number of Bitcoin wallet addresses holding more than 0.1 BTC has reached a historic milestone, surpassing 4 million for the first time, according to data from crypto analytics firm Glassnode.

This surge is attributed to Bitcoin’s recent price increase of approximately 150% since the beginning of 2023, signaling renewed investor interest despite the challenges of the 2022 bear market and a challenging global economic outlook for 2023.

The rise in Bitcoin wallet addresses with a 0.1 BTC balance is indicative of the ongoing global adoption of the network, showcasing its resilience in the face of market uncertainties. Investors have been enticed back into the market, encouraged by optimistic macroeconomic prospects in 2023 and positive on-chain and technical signals suggesting the end of the Bitcoin bear market.

This surge aligns with the broader trend of Bitcoin gaining popularity as an alternative asset class and a medium of exchange. Additionally, the increasing number of addresses aligns with historical trends, as addresses holding Bitcoin for over a year have often foreshadowed advancements in the Bitcoin cycle. Notably, hodlers tend to increase holdings during bear markets and at the beginning of bull markets.

The Bitcoin ecosystem has experienced several milestones in 2023, including the availability of lightweight NFTs for retail investors through BRC-20 tokens and a surge of interest in Spot Bitcoin ETF applications, attracting traditional finance unicorn investors.

Despite a relatively muted trading day on Saturday, with a 0.6% decline in the world’s largest cryptocurrency, which reached $40,202, the record-breaking number of Bitcoin wallet addresses signals a positive momentum shift in the cryptocurrency market.