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Bitcoin Addresses With Over $1K of BTC Hits Record 8M, Data Shows
The number could grow exponentially, representing a tremendous amount of purchasing power, one observer said.
Updated Nov 6, 2023, 10:23 a.m. Published Nov 6, 2023, 10:23 a.m.
The number of blockchain addresses holding at least $1,000 worth of bitcoin [BTC], which equates to 0.028 BTC at the current price of $35,115, has increased to a record high of 8 million, according to data tracked by Blockware Solutions and Glassnode.
Per Blockware, the above number could grow exponentially as bitcoin continues to monetize, a long-term bullish development for the cryptocurrency. Monetization, in theory, refers to the process of creating income potential from a non-revenue generating asset.
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“If there are 10s or 100s of millions of addresses that contain thousands of dollars worth of BTC, that’s a tremendous amount of purchasing power,” Blockware Solutions said in an email.
The record figure comes as bitcoin has gained nearly 25% in four weeks amid speculation the U.S. Securities and Exchange Commission will soon approve one or more spot bitcoin exchange-traded funds. The optimism has also galvanized whale activity on the Bitcoin blockchain.
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Higit pang Para sa Iyo
Asia Morning Briefing: BTC Steadies Around 90k With Liquidity Drained and a Fed Cut Fully Priced In
QCP notes participation has collapsed while Polymarket sees a shallow easing path, putting the focus on guidance and cross central bank signals.
Ano ang dapat malaman:
- Bitcoin remains around $90,000 as thin year-end liquidity leads to volatility and range-bound trading.
- Traders expect a shallow easing path from the Fed, with more focus on guidance than the anticipated rate cut.
- Global market movements are influenced by diverging central bank policies and macroeconomic signals.
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