Bitcoins Price Bottom Is Rising as Whale Holdings Increase

Bitcoin Wallet Assets Under $10 Surge by 75%, While Median Wallet Holding Decreases Rapidly


According to data, the number of Bitcoin wallet addresses with assets less than $10 has soared by 75%, while the number of wallets with a median holding is rapidly decreasing.
In the past 52 weeks, the number of Bitcoin wallet addresses with holdings of 1,000 coins or more has increased by 3.5%, while the number of addresses with holdings of 0.0001 BTC or less has surged by 75%. These data indicate that the trend of Bitcoin assets is developing towards two extremes, with more new users entering the Bitcoin market, while existing whale users accumulate a large amount of Bitcoin assets.
However, a deeper analysis reveals that the number of median wallets (holding 1-10 coins) is decreasing rapidly, which has raised concerns among investors about the overall health and sustainability of the cryptocurrency market.
A Bitcoin asset distribution chart shows that from October 1, 2023, to September 23, 2024, the median Bitcoin wallet addresses started selling Bitcoin due to various negative factors, which is the main reason for the decrease in their number.
Although the increase in the number of Bitcoin whales and small wallets indicates an improved investor sentiment towards Bitcoin, the decrease in the number of median wallets suggests an imbalance in the development of the Bitcoin market. This may imply that the entry barrier to the Bitcoin market is increasing or that Bitcoin assets are flowing into the hands of a few oligarchs, exacerbating the investment risk of the Bitcoin market. These trends are worth paying attention to as they may have a significant impact on the stability, sustainability, and long-term survival of Bitcoin as a risk asset, as the cryptocurrency landscape changes.
Changes in Wallet Addresses of Different Holding Levels
Data shows that the number of wallets holding less than 0.0001 BTC (worth $6.32 at the time of writing this article) has increased by approximately 76%, indicating a continuous influx of new users into the cryptocurrency market. The number of wallets holding 1 to 10 coins has decreased by 0.35%, while the number of wallets holding 10 to 100 coins has decreased by over 3%. The only category with little change is the wallets holding 10,000 BTC and above, belonging to super whales.
Gradual Increase in Bitcoin’s Purchase Bottom Price
It should be noted that each Bitcoin wallet address does not necessarily represent an individual, as many wallets may belong to the same organization or individual, and some small wallets may be abandoned due to the small amount of assets. The decrease in the number of median wallets may be due to the selling of Bitcoin caused by the turbulent environment.
From the statistical data, a significant portion of the number of wallet addresses in the median holding range has fallen from holding 1 to 100 coins to near zero. Therefore, as of October 2023, a large portion of the wallet addresses with BTC holdings ranging from $26,542 to $2,654,200 have reduced their Bitcoin holdings over the past year. However, on the other hand, since the beginning of 2024, the number of Bitcoin wallets worth $1 million has increased by approximately 25%.