Retail investors appear to be returning to the bitcoin landscape, at least based on relatively small addresses. Said holding of at least 0.1 BTC has marked a new all-time high, while wholecoiners are at a 10-month high.

Retail investors on the hunt?

Data from blockchain analytics firm Glassnode shows the gradual growth of bitcoin wallets containing 0.1 or more BTC. As the chart below demonstrates, such entities spiked during the 2017 bull run, when the retail mania was on the rise, and crashed in the following months as the asset started to cool off, in fact retracing 80%.

Now, despite BTC trading significantly higher than it was in 2017, retail demand has been more gradual than increasing. As of March 4, there are nearly 3.4 million such accounts, which, as mentioned above, is a new all-time high.

Bitcoin addresses with 0.1+ BTC. Source: Glassnode

Wholecoiners, i.e. addresses containing at least one BTC, have also been on the rise. In that case, however, the increase has been more aggressive. Such entities hit a 10-month high, Glassnode shows, with more than 820,000 addresses holding one bitcoin or more.

Bitcoin addresses with 1+ BTC. Source: Glassnode

Separately, Google trend data shows that the number of queries for “bitcoin” on the world’s largest search engine has increased slightly, which is another indicator that suggests an increase in retail interest.

Whales also buy

CryptoPotato reported earlier this week that the growing demand is not just coming from retail investors, but also from whales. More precisely, wallets containing 1,000 BTC or more ($41 million at today’s prices) had ballooned to a 10-month high.

Also, addresses with 100 coins shot up to a monthly high. In both cases, however, what seemed most intriguing was the rapid increase, which came just days after Russia invaded Ukraine and the Western world began imposing financial sanctions against Ukraine.

This led many to speculate that oligarchs and other Russians have turned to cryptocurrencies, which was supported by the surge in trade volumes coming from the world’s largest country by land mass.

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