Bitcoin Addresses Holding 1 BTC or Less Steadily Growing

Bitcoin Addresses Holding 1 BTC or Less Steadily Growing

According to a cryptocurrency statistics tracker Glassnode, the number of bitcoin addresses holding 1 BTC or less has accumulated 5.20% of the total bitcoin supply. 

Digging Into The Future

Glassnode revealed the share of all mined BTC by these addresses three years ago was 3.97%, which has now increased by 1.23%. BTC has been running circles between the $53K and $61K zones during the week, as analysts debate whether the market will tread a bullish trend or grow bearish.

At press time, the BTC market cap stands at $992 billion. Glassnode’s insight suggests that the world’s most famous cryptocurrency is becoming a formidable asset at an alarming rate.

Despite its limited supply, BTC is becoming an everyday go-to investment idea to small and huge investors alike, with many being bullish. The report from Glassnode gives a glimmer of hope that the number of addresses with BTC could continue to rise. Data from CryptoQuant shows BTC supply in exchanges has decreased from 2.36M to 2.33M in the past week. 

BTC Investment Trends

The previous all-time high of the addresses accumulated share of bitcoin’s supply was 4.5%. It saw a decline during the BTC price upward trend at the end of last year when the cryptocurrency’s price stood above the $42K mark. Additionally, whale BTC wallets have witnessed an almost 1% increase over the previous 12 months. According to Glassnode, wallets holding 100 bitcoin or more currently carry 62.62% of the total supply.

Nevertheless, Glassnode statistics also show the total supply in addresses holding 10 to 100 BTC has decreased by 56K bitcoin. Furthermore, the supply in humpback wallets has also declined by eyebrow-raising 307K bitcoin. The number of investors going big on the highly acclaimed cryptocurrency could arguably be selling while small investors display HODL-ish characteristics.

Institutional Investment Effects

Financial institutions might have also boosted people’s interested in BTC, as companies like Visa and MasterCard are allowing users to purchase bitcoin on their network. Companies like Tesla are now accepting settlements in BTC. It also revealed that the payments will not be converted to fiat but will get stocked as cryptocurrency. New York-based bank Morgan Stanley became the latest U.S. financial institution to offer access to BTC for its deep pocket clients.

Institutional investing in cryptocurrency is on the rise, given that banks are now slowly diving into offering cryptocurrency services. Binance CEO Changpeng Zhao tweeted that he will buy a Tesla if the car company accepts cryptocurrency, presumably because Tesla has decided to HODL purchases made in BTC. 

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Published at Fri, 26 Mar 2021 12:00:37 +0000

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