The consolidation boost of Bitcoin has increased investor fears that BTC’s recent upward trend of several months is in danger. Nevertheless, retail investors still seem to be busy accumulating BTC and building up an increasing exposure to the number one cryptocurrency.
The latest data now show that the number of BTC wallets with a holding of over 0.1 BTC has just reached an all-time high. Two times higher than 2017 at the las bull run.
Private investors are currently accumulating Bitcoin
Since Bitcoin experienced its first rejection at $10,500 earlier this year, the benchmark cryptocurrency has been largely caught in a sideways movement within the $9,000 region.
Any movement below this region has proven to be short-lived, although Bitcoin’s stability has not given it enough momentum to overcome the massive selling pressure at $10,000.
It appears that private investors have taken this opportunity to build up a larger exposure to Bitcoin. This is illustrated by the number of wallets with a stock of over 0.1 BTC – worth just under 1,000 dollars – that have just shot to new all-time highs.
Data from the research company Glassnode show that the previous all-time high was reached at the end of May and that a total of 3.05 million addresses have exceeded this threshold.
Other data from Glassnode show that Bitcoin’s daily active address count has also shown an upward trend during 2020, with currently between 800,000 and 900,000 active wallets on a daily basis. This indicates that BTC market participants have increased their use.
Institutions are still bullisher than retail investors at BTC
There is no doubt that the accumulation trend observed among retail investors points to an underlying bull trend among this Bitcoin investor group.
Apart from this, the data suggest that institutional investors are still more committed to the digital benchmark asset.