High Net Worth Bitcoin Addresses Grow Strongly in 2019

Published on 2019 by Cryptovest Staff

Commenters see bullish potential based on the growth of addresses holding more than 1,000 BTC.

Wallets with more than 1,000 Bitcoin (BTC) have been growing lately, showing the adoption of the asset for the sake of investment. The growth of high net worth addresses shows significant investment interests, as current adoption of BTC requires significant investments.

Recent analysis by Glassdoor reveals that unlike the early days of BTC, when growth was due to mining and was limited to cryptographic enthusiasts, the recent hoarding of BTC may be for investment purposes.

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The Bitcoin network also habitually shows high net worth transactions, and carries as much as $1 billion per day in value. With the addition of mainstream futures markets, as well as increasing crypto-to-crypto trading, the future of BTC remains bullish, despite short-term price shakedowns.

The list of whale addresses shows a significant concentration of wealth at the top, with around 6.7% held on exchanges. Top wallets also hold thousands of BTC, an amount that is enough to sway trades. Compared to the current volume of the Bakkt exchange, those amounts of BTC in storage can have an immense impact.

The growth in BTC ownership arrived as maximalism prevailed in 2019. Altcoins failed to perform, essentially staging a continuous bear market since their peak in 2017. At the same time, BTC is becoming more promising, with growth of above 200% since the start of the year.

The wealth collection of above 1,000 BTC is worth now more than $8.3 million. At the same time, a smaller drive to own one whole BTC is presented as a chance to own a piece of the BTC wealth.

Demand for BTC also coincided with the growing interest in gold in 2019, as a potential store of value in a period of renewed quantitative easing by central banks, as well as the risk of inflation.

BTC traded at $8,354.72, following a rather subdued weekend. Volumes fell from above 2.4 million BTC in 24 hours, down to 1.7 million BTC. Still, a “whale” could still sway some markets even with a smaller amount of BTC. The potential of large-scale traders to sway the market is becoming more obvious, as some of the trades may be faked, leaving a small-scale spot market that could be manipulated.