The number of Bitcoin addresses holding more than 10 BTC has rebounded from the decline in the first quarter

The number of Bitcoin addresses holding at least 10 BTC declined in 2024. At the beginning of this year, there were about 155,500 such addresses, which decreased in the first quarter and reached a low point of approximately 152,600 by late March. This decline ran counter to the price trend of Bitcoin during the same period and reflected profit-taking by smart money. However, as Bitcoin's price stabilized around $60,000 USD, the number of addresses holding more than 10 BTC reversed its course in August and rose back to 153500. Historically speaking, the number of addresses holding at least 10 BTC has been on an upward trend especially since 2015 when Bitcoin prices soared from under $500 USD to over $60k USD in 2021. This long-term growth highlights that large holders are continuously accumulating more Bitcoins - usually seen as a signal for confidence in Bitcoin's value proposition. Yet,the mid-2024 drop suggests that after market adjustments post "unbanning", Bitcoins will be distributed or redistributed in short term.