Bitcoin wallets holding at least $100 near all-time highs — Binance
Onchain data reveals that the number of Bitcoin wallets holding at least $100 is nearing all-time highs.
According to Binance, the number of wallet addresses holding $100 or more surged from 24 million in January 2024 to nearly 30 million in 2025, reflecting a year-on-year increase of 25%.
“This trend reflects an influx of new participants into the market, signaling renewed interest and optimism for the cryptocurrency,” read the blog post from Binance.
Spikes in wallet counts holding $100 or more have historically occurred during bull runs, such as in late 2017 and 2021. A similar surge was observed in mid-2024, driven by Bitcoin surpassing the $100,000 milestone.
The approval of spot Bitcoin ETFs, led by BlackRock’s iShares Bitcoin Trust (IBIT), played a pivotal role in institutional adoption. By the end of 2024, ETF holdings doubled to 1.25 million BTC, with IBIT amassing over $50 billion in assets. 
Hashrate surges to all-time highs
Bitcoin network’s security has reached unprecedented levels, with the hashrate surpassing 800 exahashes per second (EH/s) in January 2025, up 33% from 600 EH/s in the past year.
“Bitcoin’s hashrate has recently reached an all-time high, surpassing the combined computing power of tech giants such as Amazon AWS, Google Cloud, and Microsoft Azure, which together contribute less than 1% of Bitcoin’s total network capacity,” Binance wrote in its blog.
Hashrate measures the computing power used to process and secure Bitcoin transactions. A higher hashrate makes the network more secure and harder to attack. It also shows strong miner activity and confidence in Bitcoin's future.
86% Bitcoin holders in profit: CryptoQuant
Market sentiment remains strong, with 86% of Bitcoin in circulation “in profit,” according to CryptoQuant. Accumulator addresses — wallets consistently buying Bitcoin without selling — have reached a record pace of 495,000 BTC monthly.
Ki Young Ju, CEO of CryptoQuant, noted a divergence in Bitcoin holder behavior. He posted on X:
According to Young Ju, we’re in the late stage of the Bitcoin bull market. He believes the current cycle is in its “early distribution phase,” with new retail investors entering the market while institutional interest remains strong.
Ju outlined the typical distribution process for Bitcoin, where large holders (whales) offload to retail investors.
However, he noted a shift in this cycle, with “OG retail investors and whales” transferring Bitcoin to new retail participants and institutional players holding “paper Bitcoin” through ETFs and corporate stocks. He expects the final phase of distribution — dominated by retail investors — won’t occur until mid-year or possibly into next year.