thecryptobasic.com
Bitcoin addresses holding at least 1 BTC reach a peak of 900,000.
Once regarded as a plaything for geeks, Bitcoin has risen to solidify its position as one of the most-demanded risk assets around. Global adoption rate has surged, as institutional and retail investors indicate interest in the asset class. This surging adoption rate has recently led to a new milestone of 900k addresses holding at least 1 Bitcoin.
Bitcoin-focused Twitter handle, Documenting Bitcoin, recently highlighted the feat on the aves-themed social platform, Twitter. “New record! 900,000 addresses now hodl over 1 #bitcoin,” the handle noted as a Glassnode chart of wallet addresses holding at 1 BTC was shared.
New record! 900,000 addresses now hodl over 1 #bitcoin pic.twitter.com/Xw0GpMfyYs
— Documenting Bitcoin 📄 (@DocumentingBTC) September 19, 2022
The chart aptly highlighted the reality of things with the firstborn crypto, as a massive surge in the addresses is noticed. Since its launch in 2009, Bitcoin has seen nothing but espousal from the general public who desire financial freedom. This has led to the increase in wallet addresses despite the bearish market conditions.
Data from crypto market intelligence provider Messari corroborates with the Glassnode chart. According to Messari, there are about 42.8M wallet addresses holding BTC as of press time. Out of this number, 903,615 addresses hold at least 1 Bitcoin, which is about 2% of all wallet addresses. Additionally, 15,940 addresses hold at least 100 BTC.
Notwithstanding, whale addresses with balances greater than $10M worth of BTC are currently 4,123. Amongst these whale addresses, only 5 addresses hold at least 100K BTC ($1.9B). A landmark as massive as this at a time when Bitcoin is feeling the effects of the bear market underscores the average investor’s faith in the asset.
After starting September on a bearish note, Bitcoin has not had the best of times this month. The asset managed to surge above the $22.5k-mark on September 13, but a series of rejections brought it back below the support at $20k.
Due to its recent entanglement with traditional finance, the Bitcoin bear market has been exacerbated by several inauspicious macro conditions. As inflation hit the global scene, most central banks have resorted to interest rate hikes to combat it. The Federal Reserve, in particular, has not relented in this practice.
Bitcoin currently trades at $19,358 at the time of reporting, up 2.23% in the past 24 hours. Despite its hold above $19k, the asset’s position remains delicate especially considering the upcoming FOMC meeting, as market watchers expect a further interest rate hike from the Fed.