Onchain metrics indicate a significant rise in Bitcoin wallets holding at least $100, approaching historical peaks.
Data shared by Binance reveals that the number of wallets meeting this threshold has climbed from 24 million in January 2024 to nearly 30 million by 2025—a 25% increase over the past year.
“This growth highlights a wave of new participants entering the market, showcasing renewed enthusiasm for cryptocurrency,” stated Binance in a recent blog update.
Historically, increases in wallets holding $100 or more have coincided with bull market phases, such as in 2017 and 2021. A similar pattern emerged in mid-2024 as Bitcoin surged past the $100,000 mark.
The approval of spot Bitcoin ETFs, spearheaded by BlackRock’s iShares Bitcoin Trust (IBIT), has been a game-changer for institutional adoption. By the close of 2024, total ETF holdings reached 1.25 million BTC, with IBIT alone managing over $50 billion in assets.
Hashrate Hits Unprecedented Levels
Bitcoin’s network security is stronger than ever, with the hashrate exceeding 800 exahashes per second (EH/s) in January 2025, a 33% jump from 600 EH/s just a year ago.
“Bitcoin’s hashrate has reached new highs, now surpassing the combined computing capacity of major cloud providers like Amazon AWS, Google Cloud, and Microsoft Azure, which contribute less than 1% of Bitcoin’s total power,” Binance noted in its blog.
The hashrate is a measure of the computational power securing the Bitcoin network. A higher hashrate not only strengthens the network against attacks but also signals robust miner activity and confidence in Bitcoin’s future.
Majority of Bitcoin Holders See Profits
Market sentiment remains bullish, with 86% of circulating Bitcoin deemed “in profit,” according to CryptoQuant. Wallets actively accumulating Bitcoin have reached a record pace of 495,000 BTC per month.
Ki Young Ju, CryptoQuant’s CEO, highlighted divergent behaviors among Bitcoin holders. On X, he stated:
“Retail investors with less than 1 BTC are selling, while those with 1 BTC or more are increasing their holdings.”
Young Ju believes the current Bitcoin market is in a late bull cycle, specifically the “early distribution phase.” This phase sees experienced holders and whales gradually transferring Bitcoin to new retail investors and institutions.
However, he noted a shift in this cycle: long-time retail holders and whales are transferring Bitcoin to both new retail participants and institutions acquiring exposure through ETFs or corporate stocks. He predicts the final wave of distribution, dominated by retail activity, might not materialize until mid-2025 or later.
This ongoing evolution underscores Bitcoin’s growing maturity as both a retail and institutional asset.
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