Bitcoin addresses over the past few months have fluctuated between accumulation and spending. But one important fact is that there is consistent growth in 2023 even though the market is less than a week into the new year. An important cohort here is bitcoin addresses that have more than 10 BTC in their balance.
Small Bitcoin Investors Want Bigger Slice
According to a chart posted by Glassnode Alerts on Twitter, the number of bitcoin addresses holding more than 10 BTC in balance has hit a new two-year high. This cohort of investors has previously declined mainly because digital asset prices have experienced several declines and crashes.
However, this cohort gained optimism towards bitcoin at the end of 2022. Back on December 30, just one day into the year, the number of addresses with 10+ BTC reached a new two-year high of 155,283 addresses after significant. jump, but only a week later, it will climb to a new two-year high of 155,286.
Addresses holding 10+ BTC reaches two-year high | Source: Glassnode
Look at the chart above, it shows how much it has increased in the last month. It is possible for about 4% increase in the number of investors who meet this criteria, and it is not the only one who sees such growth.
Another cohort, addresses holding more than 1 BTC in balance have also seen tremendous growth in the new year. This time, hit a new all-time high 979,707 addresses following a trend of around 800,000 near the end of 2022.
What Accumulation Can Mean For BTC
Although the size of bitcoins has become more difficult to move with this trend of accumulation, the fact that addresses holding 1+ and 10+ BTC are recording the growth does not have a positive effect on the digital asset. If it doesn’t move the price of the digital asset, improving investor sentiment during these gloomy times has a positive effect on the price.
BTC price at $16,727 | Source: BTCUSD on TradingView.com
In the last 7 days, the price of bitcoin returned to the green and has gained 1.39%, according to data from Coinmarketcap. Losses in digital assets in the last day have also reduced to only 0.56%. This means BTC can still hold support above $16,600 while keeping the bears at bay.
BTC is currently changing hands at $16,730 at the time of this writing. Trading volume fell 6.83% in the last day to $14.4 billion.