It is not uncommon to see people stockpile Bitcoin during times of financial uncertainty. When the BTC value rises in the process, there is an extra incentive to do so. As a result, the number of addresses holding 10 BTC or more has hit a fresh 3-month high.
More Addresses Holding 10 BTC Show up
It is always interesting to see how many Bitcoin people own. Thanks to the transparent nature of Bitcoin’s blockchain, that is relatively easy to figure. Whereas most people are interested in “whale addresses”, owning more than 1 BTC is a significant feat as well. Keeping that in mind, looking at the addresses holding 10 BTC or more can tell an intriguing tale of its own.
According to new Glasnode statistics, things are heating up. More and more people are intent on acquiring bigger amounts of Bitcoin as of late. A welcome trend, as it will only make this asset even more scarce than it already is. After all, owning 10 BTC is akin to $160,000 at current prices.
Making such a big financial commitment isn’t for everyone. However, it is something that can be achieved over time. The process known as “stacking sats” is a great way to improve Bitcoin holdings. That may be one reason why the number of addresses holding more BTC has increased significantly in recent weeks.
As of right now, there are 154,476 addresses holding 10 BTC or more. In total, that removes over 1.54 million BTC from circulation. Granted, this list will undoubtedly include exchanges, wallets, and a few multisig addresses. Even so, this statistic is very crucial for Bitcoin as a long-term investment vehicle.
Bitcoin Exchange Outflow Continues to Accelerate
One thing to keep in mind is how more and more people withdraw BTC from exchanges. There are many possible reasons for doing so. A rising Bitcoin price can certainly facilitate this trend. At the same time, this is another potential contributing factor to the increase in addresses holding 10 BTC or more.
If fewer of those addresses are linked to exchanges, an interesting trend begins taking shape. Bitcoin allows its users to be in full financial control. It appears people are finally waking up to this aspect. In times of COVID-19 and political trouble in the US, it is often best to hedge against volatility in any way possible.