On-chain data reveals that the number of Bitcoin wallets holding at least $100 worth of BTC is approaching all-time highs, signaling a key market recovery indicator. CryptoQuant CEO Ki Young Ju notes the Bitcoin bull run has entered its "late phase," anticipating the retail investor-driven peak between mid-2024 and 2025.
Surging Retail Participation
Binance data shows addresses holding ≥$100 in Bitcoin grew from 24 million in January 2024 to 30 million—a 25% annual increase. This trend reflects renewed optimism as new participants flood the market. Historically, such spikes coincided with past bull market peaks (2017, 2021).
👉 Why retail investors are flocking to Bitcoin now
Institutional Momentum via Bitcoin ETFs
BlackRock's iShares Bitcoin Trust (IBIT) and other spot Bitcoin ETFs have catalyzed institutional adoption. By late 2024:
- ETF holdings doubled to 1.25M BTC
- IBIT's AUM surpassed $50B
These products lower entry barriers while cementing Bitcoin's mainstream legitimacy.
Record-Breaking Network Security
In January 2025:
- Bitcoin hash rate hit 800 EH/s (33% YoY growth)
- Surpassed combined compute power of AWS, Google Cloud, and Microsoft Azure
"Bitcoin's hash rate now exceeds 99% of major cloud providers' total capacity—a testament to its unrivaled network security."
This demonstrates miners' long-term confidence and makes attacks increasingly improbable.
Market Sentiment Metrics
- 86% of circulating BTC is profitable
- "HODLer addresses" accumulate 495K BTC/month (all-time high)
Ki Young Ju observes:
- Small holders (<1 BTC) are selling
- Large holders (>1 BTC) continue buying
👉 How to identify market cycles using on-chain data
FAQ
Q: When will the Bitcoin bull run peak?
A: Likely between Q3 2024 and 2025, when retail participation dominates.
Q: Are institutions still buying Bitcoin?
A: Yes—ETF flows and corporate treasuries show sustained institutional demand.
Q: What makes this cycle different?
A: Both legacy retail investors and whales are distributing to new retail participants and institutional ETF buyers.
Q: Is now a good time to invest?
A: While metrics indicate bullish momentum, always conduct independent research and risk assessment.
Disclaimer: This content is for informational purposes only and does not constitute financial advice.