Bitcoin Ownership Shows a Clear Trend: the Number of Addresses Holding More than 1 BTC Has Dropped to 1013120 from 1024437

According to recent data from IntoTheBlock, Bitcoin ownership shows a clear trend: the number of addresses holding more than 1 BTC has dropped to 1

Fresh data from IntoTheBlock shows a curious trend in Bitcoin ownership: the number of addresses holding more than 1 BTC has decreased.

At the beginning of the year, 1,024,437 addresses held more than 1 BTC, but now that number has dropped to 1,013,120. This suggests that some Bitcoin owners with balances of more than one BTC might have sold or distributed over this time.

However, the current count of such addresses is still noteworthy and shows ongoing acceptance and confidence in BTC as a digital commodity.

1,013,120 addresses hold more than 1 $BTC. Interestingly, this number has decreased from 1,024,437 since the start of the year. What do you think the reason is? pic.twitter.com/OYNi9XCo4P

— IntoTheBlock (@intotheblock) November 1, 2024

Bitcoin Investors Rejoice as Profitability Attains Record Highs

Separate data from IntoTheBlock also shows that around 99% of Bitcoin investors are in a profitable position at the moment, which coincides with the BTC price nearly reaching its all-time high.

The last time this degree of profitability was observed was back in June, when Bitcoin fell just short of its past peak.

However, the market sentiment this time around seems to be more positive. This is due to the increased institutional interest and the approval of Bitcoin spot ETFs, which are both driving optimism and providing the positive momentum that is pushing BTC closer to record prices.

Additionally, CNF previously reported that a prominent analyst had noted mixed signals on the monthly chart of Bitcoin, which could indicate some market uncertainty.

The low trading volume, combined with altcoin divergence, points to a possible lack of support for Bitcoin’s surge from broader market participation, thus casting doubt on the strength of its rising trajectory.

At the time of writing, BTC is trading at around $69,608.58, up by a meager 0.32% over the past 24 hours. The $70,000 mark is expected to serve as a key level to watch for a possible November rally.

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