Onchain data reveals that the number of Bitcoin wallets holding at least $100 is approaching all-time highs.
According to Binance, the number of wallet addresses holding $100 or more surged from 24 million in January 2024 to nearly 30 million in 2025, reflecting a year-on-year increase of 25%.
“This trend reflects an influx of new participants into the market, signaling renewed interest and optimism for the cryptocurrency,” Binance wrote in a blog post.
Historically, spikes in wallet counts holding $100 or more have occurred during bull runs, such as in late 2017 and 2021. A similar surge was observed in mid-2024, driven by Bitcoin surpassing the $100,000 milestone.
Spot Bitcoin ETFs Fuel Institutional Interest
The approval of spot Bitcoin ETFs, particularly BlackRock’s iShares Bitcoin Trust (IBIT), has played a significant role in driving institutional adoption. By the end of 2024, ETF holdings had doubled to 1.25 million BTC, with IBIT amassing over $50 billion in assets.
Bitcoin’s network security has also reached new levels, with the hashrate surpassing 800 exahashes per second (EH/s) in January 2025, up 33% from 600 EH/s a year ago.
“Bitcoin’s hashrate has recently reached an all-time high, surpassing the combined computing power of tech giants such as Amazon AWS, Google Cloud, and Microsoft Azure, which together contribute less than 1% of Bitcoin’s total network capacity,” Binance wrote.
Hashrate measures the computing power required to process and secure Bitcoin transactions. A higher hashrate increases the network’s security, making it harder to attack. It also reflects strong miner activity and confidence in Bitcoin’s future.
Profitability and Accumulation Trends
Market sentiment remains strong, with 86% of Bitcoin in circulation “in profit,” according to CryptoQuant. Accumulator addresses—wallets that consistently buy Bitcoin without selling—have reached a record pace, accumulating 495,000 BTC monthly.
Ki Young Ju, CEO of CryptoQuant, observed a divergence in Bitcoin holder behavior. He posted on X:
“Bitcoin retail investors with [less than] 1 BTC are selling, while those with [greater than or equal to] 1 BTC are buying.”
According to Ju, we are in the late stage of the Bitcoin bull market. He believes the current cycle is in its “early distribution phase,” with new retail investors entering the market while institutional interest remains strong.
Ju outlined the typical distribution process for Bitcoin, where large holders (whales) offload to retail investors. However, he noted a shift in this cycle, with “OG retail investors and whales” transferring Bitcoin to new retail participants and institutional players holding “paper Bitcoin” through ETFs and corporate stocks. He expects the final phase of distribution—dominated by retail investors—won’t occur until mid-year or possibly into next year.
Author’s Opinion
Bitcoin’s current market behavior reflects the maturity of the asset class, with increasing participation from both retail and institutional investors. The rise in wallets holding $100 or more suggests growing interest and optimism, while the shift in holder behavior points to a more nuanced market than previous cycles. With institutional players like BlackRock pushing Bitcoin’s legitimacy and adoption, we are likely seeing a fundamental change in how Bitcoin is viewed and utilized. The slow and steady shift from retail-driven volatility to institutional-backed growth could mark a defining phase in Bitcoin’s journey as an asset class.
