Total Bitcoin Holders Reach a Staggering 48.5 Million: Report

In the ever-volatile space of digital assets, the largest cryptocurrency by market cap, Bitcoin (BTC), has captured the attention of crypto enthusiasts with whales accumulating BTC. According to a recent tweet posted by the crypto analyst Ali, the current number of BTC holders has exceeded the entire population of Spain (47.5 million), reaching a staggering 48.5 million.

Despite Bitcoin’s bearish trend, whales, or in other terms, large Bitcoin investors, have been seen increasing their holdings, indicating their optimistic view of the market. As per the data revealed by the crypto analytics platform IntoTheBlock, in the last two weeks of August, Bitcoin investors who hold a minimum of 0.1% of the total Bitcoin supply, added over $1.5 billion in BTC holdings.

On September 3, IntoTheBlock updated their Twitter page with the astounding whale activity that increased the total number of Bitcoin holders to cross 48 million for the first time in history. What is more surprising is the accumulation of the cryptocurrency when Bitcoin price plunged to its two-month low, slipping below $26,000.

The investors’ optimistic view of Bitcoin is largely driven by the recent landmark victory of Grayscale Investments over the SEC. In a court ruling, Judge Neomi Rao argued that the SEC failed to produce an adequate explanation for their rejection of Grayscale’s application to convert Grayscale Bitcoin Trust (GBTC) into Bitcoin Spot ETFs. The ruling paved the way for the victory of Grayscale in its lawsuit against the regulators, invoking investors’ sanguine perspective.

At press time, BTC stands at a price of $25,910.67, with a slight surge of 0.40%. With its 24-hour trading volume of $8,393,256,034 and a live market cap of $505,045,017,903, Bitcoin retains its dominant position in the crypto world.