In 2024, the number of Bitcoin addresses holding at least 10 BTC has seen a decline. At the beginning of the year, there were around 155,500 such addresses. However, by the end of March, this figure dropped to approximately 152,600.
Divergence from Bitcoin’s Price Movements
This decline in the number of addresses contrasted with Bitcoin’s price movements during the same period. The decrease suggested that holders, often referred to as “smart money,” were taking profits. Despite this, a reversal was observed in August when the number of addresses holding over 10 BTC increased to about 153,500, coinciding with Bitcoin’s price stabilizing near $60,000.
Historical Trend of Bitcoin Accumulation
Historically, since 2015, there has been an upward trend in the number of addresses holding at least 10 BTC. As Bitcoin’s price rose from under $500 to over $60,000 by 2021, large holders accumulated more coins, indicating growing confidence in Bitcoin’s value. However, the mid-2024 decline suggests a period of short-term distribution or reallocation, possibly in response to the market’s adjustments following the halving.
