The increase in the price of Bitcoin (BTC), the largest cryptocurrency, has excited many investors. Along with the price increase, the accumulation of BTC has also gained momentum, reaching a record number of wallet addresses with at least $1,000 worth of BTC.
Number of Wallet Addresses Exceeds 8 Million
According to data tracked by Blockware Solutions and on-chain data platform Glassnode, the number of wallet addresses with 0.028 BTC, equivalent to at least $35,115 at current prices, has exceeded 8 million, reaching a record high. The previous record was around 7.5 million in November 2021 when the largest cryptocurrency hit a record high of around $69,000.
According to Blockware Solutions, the number of wallet addresses in this category could continue to increase as Bitcoin continues to generate profits. The term “profit” here theoretically refers to the process of generating income potential from an asset that does not generate income. In an email sent to Blockware Solutions, it was stated, “If there are tens or hundreds of millions of wallet addresses containing thousands of dollars worth of BTC, it signifies an enormous purchasing power.”
Approval of Spot Bitcoin ETF Boosts BTC Accumulation
The record number comes as speculation grows that the U.S. Securities and Exchange Commission (SEC) will approve one or more spot Bitcoin exchange-traded funds (ETFs) in the near future, coupled with the largest cryptocurrency’s approximately 25% increase in value over the past four weeks. This speculation has sparked excitement among investors and has significantly revived whale activity in the Bitcoin blockchain.
With current data, Bitcoin is trading at $35,250 with a market cap of $688.46 billion, recording a 0.36% increase in the last 24 hours. During the same time period, trading volume has also increased by nearly 30% to reach $13 billion.
Data shows that the price of BTC has increased by 1.82% in the past seven days. Furthermore, the price of the largest cryptocurrency has risen by over 100% since the beginning of the year, with a substantial increase of 112.99%.
