Bitcoin has been on the rise recently, with its price steadily increasing and attracting the interest of both institutional and retail investors. Of course, the accumulation of the largest cryptocurrency follows the Securities and Exchange Commission’s (SEC) approval or rumors of approval of Bitcoin exchange-traded funds (ETFs). These developments have brought bitcoin back into the spotlight, with retail investors rushing to buy the digital currency.
It is no surprise that the number of wallet addresses holding a minimum of $1000 worth of BTC has recently reached an all time high, especially with recent talk of a raging bull market on the horizon. The past bull run saw countless individuals missing out, while some bought at the top. However, the current surge in wallet holdings reflects a collective determination not to let history repeat itself.
BTC wallet addresses with at least $1000 surpasses 8 Million
Glassnode, an on-chain data platform reveals that the number of wallet addresses containing a minimum of $1000 of BTC has recently surpassed past 8 million, marking an all-time high. The previous record, approximately 7.5 million wallet addresses, was noted in November 2021, which coincides with Bitcoin’s remarkable surge to an all-time high of about $69,000.
Also, Blockware Solutions, another reputable on-chain data platform, anticipates that this trend of growing wallet addresses may persist as Bitcoin keeps generating profits.
ETFs impact on BTC accumulation
The optimism surrounding Bitcoin’s future performance is fueled by a number of factors, including increased institutional interest, and growing adoption. However, the major driving force behind the recent surges is the the approval of Bitcoin ETFs. Last week, Cathie Wood of Ark Invest stated that she believes that multiple spot Bitcoin ETFs could be approved by the SEC at the same time in the future. Wood, one of the nine applicants for the Bitcoin spot ETF, believes that the SEC is being more cooperative in issuing the ETFs and hopes the process will be completed by January.
At the moment, speculations about ETF approval are sparking excitement in the markets, with whales and more institutions watching closely.