There are now 784,000 Bitcoin addresses holding more than 1 BTC. Will this affect the price?

Studies have shown that the number of account addresses holding Bitcoin has surged by more than 10%, and detailed observations have shown that retail participation is also increasing.

This is good news for Bitcoin investors and enthusiasts. Research on some on-chain indicators and Bitcoin wallets shows that in the past 12 months, the world's largest cryptocurrency has been accumulating.

As of January 14, nearly 784,000 addresses held more than one bitcoin, an increase of 11% compared to 707,000 addresses holding BTC a year ago. In addition, the blockchain intelligence company Glassnode pointed out that since 2015, the total address holding BTC has doubled.

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There are now 784,000 Bitcoin addresses holding more than 1 BTC. Will this affect the price?

Well, last year's BTC price rebounded from a low of 3,200 US dollars and touched a 2019 high of more than 13,000 US dollars, which clearly indicates that some account accumulation activities are ongoing. But how can we determine whether retail or institutional participation is increasing?

It is undeniable that the increase in addresses may mean the participation of "whales" and "exchanges". However, such addresses usually hold a large amount of bitcoin and rank first in the list of bitcoins.

BitInforCharts has released a list of accounts in which three of the top five addresses belong to popular exchanges such as Bitfinex, Huobi and Binance.

We can clearly see that the number of addresses remaining between 0.1 BTC and 1 BTC has increased by 10%.

Digital Assets Data analyst Connor Abendschein said, "Stable growth is the result of the accumulation of retail buyers. More and more addresses have accumulated more BTC, which indicates that people are increasingly using this method to store value.

There are now 784,000 Bitcoin addresses holding more than 1 BTC. Will this affect the price?

Over the past three years, the number of cumulative Bitcoin addresses has surged between 0.1 BTC to 1 TC, which also fully illustrates the fact that retail accumulation is growing. The accumulation of bitcoin distributed across different addresses shows good signs of wealth distribution. Yassine Elmandjra, crypto asset analyst at ARK Invest, told CoinDesk, "Address balances are a good indicator of potential users. The increase in BTC addresses indicates that BTC's wealth distribution continues to grow . "

However, most markets are still dominated by whales. During the peak of the cryptocurrency market in December 2017, whales alone accounted for 38% of the entire market. As of December 2019, this number has grown to 42.1%.

Since the beginning of 2020, BTC prices have soared by nearly 30%, making investors re-optimistic. As of press time, BTC was trading at approximately $ 8,409, with a market capitalization of $ 152 billion.