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Bitcoin's 30M Strong: $100+ Wallets Surge 25%

Coin WorldSunday, Jan 26, 2025 7:19 am ET

1min read

Bitcoin's Growing Pains: A Surge in Wallet Addresses Holding Over $100

The cryptocurrency market is witnessing a significant milestone, with Bitcoin wallet addresses holding at least $100 surging to nearly 30 million, marking a 25% year-on-year increase, according to data from Binance. This trend suggests an influx of new participants, indicating heightened interest in Bitcoin.

The increase in wallets holding $100 or more can be attributed to various factors, including the ongoing appeal of Bitcoin as a digital asset and recent price movements. Historically, such growth in wallet counts has coincided with bull runs, most notably in late 2017 and 2021. The recent surge has also been fueled by Bitcoin's recent performance, which saw it surpass the $100,000 mark in mid-2024.

Integral to this trend has been the burgeoning institutional interest, particularly following the approval of spot Bitcoin ETFs. The BlackRock iShares Bitcoin Trust (IBIT) has been at the forefront of this shift, accumulating over $50 billion in assets by the end of 2024. This has resulted in ETF holdings doubling to over 1.25 million BTC, reflecting a significant sea change in market dynamics.

As institutions gain confidence in Bitcoin, the narrative around cryptocurrency is shifting from one mainly dominated by retail investors to a more balanced ecosystem with institutional players taking a notable position.

Simultaneously, the Bitcoin network's hashrate has reached unprecedented levels, now exceeding 800 exahashes per second (EH/s). This represents a spectacular increase of 33% from just 600 EH/s within the past year, showcasing a surge in miner activity and enhanced security across the network.

According to Binance, "Bitcoin's hashrate has recently surpassed the combined computing power of tech giants such as Amazon AWS, Google Cloud, and Microsoft Azure." This level of security not only minimizes the risk of attacks but also signifies strong confidence among miners regarding Bitcoin's long-term viability.

In a separate report, CryptoQuant revealed that 86% of Bitcoin in circulation is currently "in profit." This reflects a different narrative than in past market cycles, where the overall sentiment leaned heavily

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