Bitcoin Wallets Holding $100 or More Reach Nearly 30 Million

According to Binance, the number of Bitcoin wallets holding at least $100 has increased 25% year-on-year, from 24 million to nearly 30 million. The trend signals new entrants to the market, as well as a return to bullish sentiment reminiscent of the big bull runs of 2017 and 2021.

On-chain data reveals a growing number of wallet addresses holding at least $100 in Bitcoin, nearing all-time highs.

This surge highlights renewed interest as more participants join the market.

Read more 👉 https://t.co/OEC1rWbetN pic.twitter.com/ArBK8zSN5Z

— Binance (@binance) January 26, 2025

Key drivers for this number include: a mid-2024 price surge that saw Bitcoin surpass $100,000, as well as the emergence of spot Bitcoin ETFs, notably BlackRock’s iShares Bitcoin Trust (IBIT), which has proposed transferring Bitcoin in its ETF directly to investors.

By the end of 2024, the amount of Bitcoin held by ETFs had doubled to 1.25 million BTC, with IBIT managing over $50 billion in assets.

Bitcoin’s hashrate (the total computing power used to secure the network) also hit an all-time high, surpassing 800 EH/s this month, up 33% year-over-year. Binance also noted that the Bitcoin network now has more computing power than the combined capacity of major platforms such as Amazon AWS, Google Cloud, and Microsoft Azure, which together account for less than 1% of the total Bitcoin hashrate.

Hashrate measures the computing power used to process and secure Bitcoin transactions. The higher the hashrate, the more secure and less vulnerable the network is to attacks.

Data from CryptoQuant shows that 86% of Bitcoin holders are currently in profit. Monthly accumulation activity reached a record high of 495,000 BTC, mainly from large-scale and institutional investors. Meanwhile, retail investors are selling, suggesting that the market may be entering the final stages of the bull cycle.

Ki Young Ju, CEO of CryptoQuant, pointed out the difference in the behavior of Bitcoin holders. He posted on X:

"Retail investors with less than 1 BTC are selling, while those with 1 BTC or more are buying."

#Bitcoin retail investors with <1 BTC are selling, while others with ≥1 BTC are buying. pic.twitter.com/MP2OEL7OLt

— Ki Young Ju (@ki_young_ju) January 26, 2025

Ki Young Ju concluded that the final distribution phase, characterized by retail participation, could last until mid-2025 or longer, depending on market conditions and the actions of the big players.

The way value is assessed in the meme coin market is similar to that of the art market. Both markets legitimize intangible value through narrative.

If the very foundation of the meme coin market is considered a scam, then, by the same logic, the art market must also be viewed as… https://t.co/TAlmfGxByI

— Ki Young Ju (@ki_young_ju) January 26, 2025