Bitcoin’s (BTC) Amount of Holders Stays Flat, While Ethereum and Tether Reach All-Time Highs
According to a recent tweet by Santiment, the number of Bitcoin wallets holding more than 0 BTC has dropped by 729.4K over the past month. After the SEC approved 11 Spot Bitcoin ETFs, by January 20th, the amount of non-zero Bitcoin wallets peaked at 52.95M.
Source: Santiment – Start using it today
Reasons for the Drop in Bitcoin Holders
This drop in Bitcoin holders is attributed to increased interest in hodlers getting exposure to Bitcoin through ETFs instead of holding it directly. The SEC’s approval of Bitcoin ETFs in January 2024 from issuers like BlackRock and Fidelity has allowed investors to gain access to Bitcoin without needing to hold it in a wallet.
Meanwhile, Ethereum and Tether have hit all-time highs in their number of holders. Ethereum now has 114.95M holders, while Tether has 5.22M.
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Show more +Implications for Other Cryptocurrencies
The data shows that for any future cryptocurrency that has ETFs approved, there would likely be an implied drop in active wallets on their respective network as investors switch to getting exposure through ETFs rather than direct ownership.
So while Bitcoin’s number of holders has stagnated due to the rise in ETFs, Ethereum and Tether continue setting records – showcasing the diverging trends across top cryptocurrencies.
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