Bitcoin Mirrors High Purchasing Power, Wallets With More Than $1K BTC Hits Record

The number of blockchain addresses holding at least $1,000 worth of Bitcoin (CRYPTO: BTC) has expanded to a record high of 8 million, according to data from Blockware Solutions and Glassnodes.

This is equal to 0.028 BTC at the current price of $35,115.

Industry titans BlackRock, DTCC, OCC, State Street, Société Générale, Hedera, Citi, BMO, Northern Trust, Citibank, Amazon, S&P Global, Google, Invesco, and Moody’s will join our Nov. 13 Fintech Deal Day and Nov. 14 Future of Digital Assets. Secure a spot here to join them.

Blockware believes that the number could rise significantly amid the monetization of Bitcoin and the optimism surrounding the longer run of the cryptocurrency market.

Also Read: Over 40M Bitcoin Addresses Are In Profit As Apex Crypto Maintains $34K Levels

“If there are 10s or 100s of millions of addresses that contain thousands of dollars’ worth of BTC, that’s a tremendous amount of purchasing power,” Blockware Solutions told CoinDesk.

Bitcoin strengthened as a major asset class among retail and institutional investors. It breached $35,000, and there's growing optimism around the potential approval of Spot Bitcoin ETF.

Whales Accumulations: On Nov. 2, a large bitcoin investor transferred 7,000 bitcoins worth $244 million to crypto exchange, Bitfinex thereby realizing profits from the earlier purchases.

The holder collected 46,500 bitcoins between November 2022 and January 2023 under $20,000 making it the 14^th largest BTC owner globally. Leaving 10,000 tokens, the holder offloaded the tokens near the price of $30,000 in late March and early April.

Benzinga's Future Of Digital Assets Event in New York is scheduled on Nov. 14. Attend and learn more about Bitcoin wallets and their holdings. The gathering is seen as pivotal for the digital assets community. The event will spotlight the latest trends, innovations, and challenges in the digital asset realm.

Last month, on-chain data suggested that Bitcoin whales purchased more than 30,000 BTC valued at around $1 billion in mid-October.

Read Next: Silent Bitcoin Wallets From 2011 Spring To Life, Transact $230M In Crypto Mystery

Image: Pixabay