Bitcoin retail investment soars to a record high, and the number of whales grows steadily

According to Cryptopotato on October 27, Glassnode data shows that the number of Bitcoin wallet addresses (holding $10, $100, $1,000) has reached a record high of 31 million. As Bitcoin valuations rise, retail cryptocurrency investors have soared to an all-time high. Is this FOMO-induced?

The number of BTC addresses holding $10, $100, and $1,000 hit new highs

Glassnode Chief Technology Officer Rafael Schultze-Kraft said the number of investors holding $10, $100 and $1,000 worth of bitcoin has surged to new records.

Number of addresses holding at least $10 worth of Bitcoin: 17.6 million Number of addresses holding at least $100 worth of Bitcoin: 9.7 million Number of addresses holding at least $1,000 worth of Bitcoin: 3.6 million

That is, the total number of Bitcoin addresses holding $10-1,000 is now close to 31 million, an important milestone in the decentralization of cryptocurrency ownership. At the same time, this shows that it is not just institutional investors who are bullish on Bitcoin. Retail investors are also buying Bitcoin, believing that Bitcoin will reach higher prices in the near future.

The number of giant whales is growing steadily

Like small investors, “whales” with over a million dollars’ worth of Bitcoin are also catching up. According to Glassnode data, there are now 20,000 wallets holding over a million dollars’ worth of Bitcoin, a record high since January 2018.

Although this number is much smaller than that of retail investors, the valuations they hold are much higher. Does this mean that the market will be thrown into chaos again due to a sell-off? The answer is no.

Whales may not sell for now

In September, renowned cryptocurrency analyst Willy Woo shared a macro market outlook that “is unlikely to see any kind of catastrophic price decline.” He said:

Now zooming in a few months ago, we are in a very stressful phase after the halving (red line). Looking at the full macro picture - the RVT ratio (usually seen as Bitcoin's PE ratio, an improved version of the previous NVT ratio). Clearly, we still have a lot of room to grow in this cycle.

Woo’s point is clear: whales aren’t going to dump Bitcoin anytime soon. In fact, another Bitcoin rally appears to have already begun.

However, there is still a question: Is the increase in retail investors and whales due to the rise in Bitcoin prices? It seems so. After all, in the current geopolitical and global economic situation, everyone wants to join the trend and make more "easy money".