The number of Bitcoin addresses holding 10+ coins has reached a new all-time high of 157,504, according to data from Glassnode. This is a significant increase from the previous ATH of 157,472, which was set on September 8, 2023.
The increase in the number of addresses holding 10+ coins is a bullish sign for Bitcoin. It suggests that there is a growing number of investors who are accumulating large amounts of the cryptocurrency. This could be a sign that investors are expecting the price of Bitcoin to continue to rise in the future.
Institutional Accumulation
There are a few possible reasons for the recent increase in the number of addresses holding 10+ coins. One possibility is that institutional investors are accumulating Bitcoin. In recent months, there has been a growing interest from institutional investors in Bitcoin. These investors are often looking to invest in assets that they believe have a long-term growth potential.
Retail Accumulation
Another possibility is that retail investors are accumulating Bitcoin. Retail investors are individuals who invest in cryptocurrencies for personal financial gain. These investors are often attracted to Bitcoin’s potential for high returns.
Whatever the reason, the recent increase in the number of addresses holding 10+ coins is a positive sign for Bitcoin. It suggests that there is strong demand for the cryptocurrency and that investors are confident in its long-term prospects.
Final Thoughts
It is important to note that the number of addresses holding 10+ coins is just one metric that can be used to assess the health of the Bitcoin market. Other factors, such as the price of Bitcoin and the amount of trading activity, should also be considered.
Overall, the recent ATH of the number of addresses holding 10+ coins is a bullish sign for Bitcoin. It suggests that there is strong demand for the cryptocurrency and that investors are confident in its long-term prospects.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
Image Source: nexusplexus//23RF// Image Effects by Colorcinch