Recently, some data from Glassnode revealed that the number of wallets and addresses containing 0.1 BTC is reaching new historical highs, reaching a new record. Find out what that is.
Specifically, Glassnode has published that the number of wallets with 0.1 BTC or more reaching a new record of 3,054,282. Interestingly, this beats the previous record of May 21 by 212 addresses.
Thus, it is valid to say that the number of wallets with 0.1 BTC or more has shot up. It is worth remembering that this figure has increased steadily since they shot up and fell after the 2017 bullfight reached its peak.
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New record for addresses with at least 0.1 BTC
If we look at the graph offered by Glassnode, we will notice a number of things and data about it. First, you’ll notice that from August 2017 to January 2018, Bitcoin addresses or wallets with at least 0.1 BTC jumped by 45% from 1.8 million to over 2.6 million.
We will also notice a notable increase since February in BTC wallets that store at least 0.1 currencies. We can call this the „Halving Effect“, an event that happened just over a month ago.
This is what we can notice in BTC, but the truth is that if we examine other cryptomonies like ETH we will notice a similar effect. This means that little by little more people are investing their money in crypto currencies, despite all the negative promotion that more traditional investor groups may do.
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What other factors could have influenced this record?
We already mentioned that the expectation around Halving could have had a huge influence. However, we must remember that this same increase came about in a world that was facing the economic challenges of COVID-19.
Although BTC did not perform as the perfect reserve asset that many expected, it did perform better than commodities such as oil.
Moreover, with the injection of liquidity of money into the economy by central banks to promote consumption, many people decided to invest this money in cryptosystems.
Looking at all this in perspective, it can be inferred that everything influenced this record level of directions with at least 0.1 BTC in them. For the time being, we should keep a close eye on Glassnode’s next update of this data.