Bitcoin wallets holding at least $100 have surged, reaching nearly 30 million, according to Binance.
This marks a 25% increase from January 2024 when the number was 24 million. The rise in wallet counts reflects growing interest and optimism in the cryptocurrency market.
New Market Participants Driving Growth
The surge in wallets holding $100 or more typically coincides with bull runs. Similar increases were seen during Bitcoin’s price surges in 2017 and 2021.
A similar trend emerged in mid-2024 when Bitcoin surpassed $100,000. The approval of spot Bitcoin ETFs, including BlackRock’s iShares Bitcoin Trust (IBIT), contributed significantly to institutional adoption, boosting the number of wallets holding Bitcoin.
Bitcoin’s Hashrate Hits Record Highs
Bitcoin’s network security has also improved, with the hashrate surpassing 800 exahashes per second (EH/s) in January 2025, up 33% from the previous year. This milestone highlights strong miner activity and confidence in Bitcoin’s future.
Market Sentiment Remains Strong
According to CryptoQuant, 86% of Bitcoin in circulation is currently in profit. Accumulator addresses are buying Bitcoin at a record pace, with 495,000 BTC being purchased monthly.
Despite some retail investors selling, large holders and institutional players continue to buy, signaling the ongoing strength of Bitcoin’s market.
Bitcoin’s Distribution Cycle
Ki Young Ju, CEO of CryptoQuant, believes the current Bitcoin cycle is in the “early distribution phase,” where retail investors are entering the market while institutional interest remains strong. He expects the final phase of distribution, dominated by retail investors, to occur by mid-year or next year.
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