According to Binance, the number of wallets holding $100 or more in Bitcoin increased from 24 million in January 2024 to nearly 30 million in 2025, representing a 25% annual growth rate.

Binance’s blog stated:

“This trend indicates that new participants are entering the market and that interest in cryptocurrencies is on the rise once again.”

An increase in such wallet numbers is typically observed during bull runs, such as in 2017 and 2021. A similar surge was seen in mid-2024 when Bitcoin surpassed the $100,000 level.

The approval of spot Bitcoin ETFs managed by BlackRock’s iShares Bitcoin Trust (IBIT) accelerated institutional adoption. By the end of 2024, ETFs held a total of 1.25 million BTC, with IBIT amassing assets worth over $50 billion.

Hashrate Reaches All-Time High

The security of the Bitcoin network has reached a historic peak, with the hashrate surpassing 800 EH/s, a 33% increase from last year’s 600 EH/s level.

Binance’s blog highlighted:

“Bitcoin’s hashrate has outpaced the combined computing power of tech giants like Amazon AWS, Google Cloud, and Microsoft Azure. These platforms collectively account for less than 1% of the Bitcoin network’s capacity.”

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Hashrate measures the computational power used to process and secure Bitcoin transactions. A higher hashrate makes the network more secure and resistant to attacks. It also reflects strong mining activity and high confidence in Bitcoin’s future.

86% of Bitcoin Holders Are in Profit!

Market sentiment remains strong, with 86% of circulating Bitcoin currently in profit, according to CryptoQuant. Accumulation addresses continue to buy Bitcoin at a record monthly pace of 495,000 BTC.

CryptoQuant CEO Ki Young Ju emphasized differences in Bitcoin investor behavior. On X (formerly Twitter), he shared:
“Retail investors holding less than 1 BTC are selling, while those holding 1 BTC or more are buying.”

Ju believes the Bitcoin bull market is in its final stages. He describes the current cycle as being in the “early distribution phase,” where new retail participants are entering the market while institutional interest remains strong.

Preparing for a New Cycle

Ju observed a different pattern in this cycle:

• OG retail investors and whales are transferring Bitcoin to new retail participants and institutional investors.
• Institutional players are holding “paper Bitcoin” through ETFs and company shares.
• The final distribution phase is expected to be largely retail-dominated, occurring around mid-2025 or later in the year.

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