According to small addresses, retail investors are returning to bitcoin. This new record of holding at least 0.01 BTC has been reached, while wholecoiners have hit a 10-month high.
Are Retail Investors on the Hunt for Profit?
Glassnode, a blockchain analytics company, has data that shows the steady growth in bitcoin wallets with 0.1 or more BTC. The graph below shows that such entities soared during the 2017 bull market, when retail mania was high. However, they plummeted in subsequent months as the asset began to cool down and actually retraced 80%.
Even though BTC trades are significantly higher than 2017, retail demand is more gradual than it was in 2017. There were nearly 340,000 such accounts as of March 4, which is, as I mentioned, a new record.
Bitcoin Addresses with 0.1+ BTC Source: Glassnode
The rise in wholecoiners (that is, addresses that hold at least one BTC) has also been evident. However, this case has seen a more aggressive increase. Glassnode reports that such entities have reached a 10-month peak, with over 820,000 addresses having at least one bitcoin.
Bitcoin Addresses with 1+ BTC Source: Glassnode
Google Trends data also shows that there has been a slight increase in “bitcoin” searches on the largest search engine in the world, which is another indication of a rise for retail interest.
Whales buy too
CryptoPotato reported this week that growing demand isn’t just coming from retail investors, but also from whales. More specifically, wallets with 1,000 BTC or more (at today’s prices of $41 million) have risen to a 10-month high.
Additionally, addresses with 100 coins saw a spike in monthly transactions. These cases were both fascinating because of the rapid rise in addresses with 100 coins, which occurred just days after Russia invaded Ukraine. The West also began imposing financial sanctions against Russia.
Many speculated that this was because oligarchs and other Russians turned to crypto. This speculation was supported by the increase in trading volumes from the largest country on the planet by landmass.
Marla Brooks – Financial Analysis
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