New Record High of Bitcoin Addresses Holding More Than $10 Worth of BTC Despite 65% Drop from ATH

By 0xGorki On Mar 2, 2023

On March 1, a Reddit user known by the pseudonym “partymsl” made an interesting observation about Bitcoin adoption. While Bitcoin’s price is still down around 65% from its all-time high (ATH), the number of addresses holding more than $10 worth of BTC has reached a new ATH.

The recent rally in Bitcoin was a breath of fresh air after the bear market in 2022, but many pointed out that the cryptocurrency is still struggling. BTC is still down about 65% from its ATH, and it is currently stuck at the crucial $25k resistance level, where it has been rejected multiple times in the past few days.

However, there are more important metrics than price, and one of them is how many people own BTC. This can be a good indication of how many new users have entered or left the crypto market. Of course, this is not a perfect metric since one person can have multiple addresses.

But if we divide this metric even further, we can look at whale addresses (which have been decreasing) or retail addresses. Retail addresses are those with a very low amount of Bitcoin, such as even $10.

What partymsl observed was that the number of addresses holding more than $10 worth of BTC has been steadily increasing, and it is now near or already at an all-time high of over 24 million addresses. This is a very bullish metric because during previous bear markets, we saw sharper declines in the number of addresses holding more than $10 worth of BTC.

This time, however, the number of addresses holding more than $10 worth of BTC remained steady, showing how much adoption we have seen in the market, even in a bear market. This is a positive sign for the future of Bitcoin, as more people are starting to see the value in holding this digital asset.

While Bitcoin’s price may still be struggling, it is clear that more and more people are starting to see the value of holding this cryptocurrency. With more adoption and use cases, Bitcoin may one day reach new heights that we have yet to see.

Join us on Telegram