The number of Bitcoin addresses holding over $1,000 worth of BTC has hit a record high of 8 million, according to data from Blockware Solutions and Glassnode.

This represents a significant amount of purchasing power, and could grow exponentially as Bitcoin continues to be monetized.

One observer noted that if there are 10s or 100s of millions of addresses holding thousands of dollars worth of BTC, that represents a tremendous amount of purchasing power.

The record figure comes as Bitcoin has gained nearly 25% in four weeks, amid speculation that the U.S. Securities and Exchange Commission will soon approve one or more spot Bitcoin exchange-traded funds.

This optimism has also led to increased activity from whales on the Bitcoin blockchain.

In simpler terms:

More and more people are buying and holding at least $1,000 worth of Bitcoin, which is a good sign for the future of the cryptocurrency. $BTC #BTC🔥🔥 #trading #blockchain #Bitcoin