Number of Bitcoin addresses holding more than 10 BTC hits highest level in two years

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Bitcoin addresses over the past two months have oscillated between hoarding and dumping. But one important fact is that there has been consistent growth in 2023 despite the market starting less than a week into the new year. The significant cohort here are bitcoin addresses that hold more than 10 BTC in their balances.

Small Bitcoin Investors Want a Bigger Share

According to a chart posted by Glassnode Alerts on Twitter, the number of bitcoin addresses holding more than 10 BTC in their balances hit a new high in two years. This cohort of investors had previously dwindled, especially since the price of the digital asset had suffered multiple declines and crashes.

Nevertheless, this cohort regained their optimism towards bitcoin at the end of 2022. As of December 30, with only one day left for the year, the number of addresses with 10+ BTC had reached a new two-year high. of 155,283 addresses after a big jump, but only a week later would climb to a new two-year high of 155,286.

Addresses Holding More Than 10 BTC Hit High in Two Years | Source: Glassnode

Looking at the chart above, it illustrates how much it has increased over the past month. This equates to an increase of about 4% in the number of investors meeting this criterion, and it is not alone in seeing such growth.

Another cohort, addresses holding more than 1 BTC in their balances, also saw phenomenal growth in the new year. This time around, it hit a new all-time high of 979,707 addresses after trending around 800,000 towards the end of 2022.

What the accumulation could mean for BTC

Although the size of bitcoin makes it harder to move with such accumulation trends, the fact that addresses holding 1+ and 10+ BTC were seeing such growth undoubtedly had a positive impact on the digital asset. While not changing the price of digital assets itself, boosting investor morale during these dismal times has had a positive impact on the price.

BTC price at $16,727 | Source: BTCUSD on TradingView.com

Over the past 7 days, bitcoin price has moved back into the green and had recorded gains of 1.39%, according to data from Coinmarketcap. The digital asset’s losses over the past day also slowed to just 0.56%. This means that BTC is still able to hold support above $16,600 while keeping the bears at bay.

BTC is currently changing hands at a price of $16,730 at the time of this writing. Trading volume fell 6.83% over the past day to $14.4 billion.

Follow Best Owie on Twitter for market news, updates, and the occasional funny tweet Featured Image by Zipmex, chart by TradingView.com

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