Bitcoin adoption continues to rise, with new on-chain data from Bitcoin Magazine Pro revealing that the number of wallets holding at least $100 worth of BTC has reached a record 25 million. The surge underscores the growing global participation in Bitcoin ownership, even as price momentum stalls near a critical technical level.
Retail Adoption Expands to New Highs
The chart, published by Bitcoin Magazine Pro, shows a steady climb in addresses holding over $100 in Bitcoin, a metric often used to gauge small-scale investor participation. This figure has climbed from around 5 million in 2017 to 25 million today, representing a fivefold increase over the past eight years.
Analysts interpret this as a sign of organic network adoption, particularly among retail users, as the cryptocurrency continues to gain mainstream acceptance through payment integrations, ETF access, and corporate treasuries. The data suggests that more people than ever are accumulating Bitcoin as a long-term store of value.
Bloomberg Flags $110K as Critical Level
Meanwhile, Bloomberg Intelligence strategist Mike McGlone has warned that Bitcoin is entering a “do-or-die stage,” identifying $110,000 as a crucial price level that the asset must reclaim to confirm recovery. According to McGlone, Bitcoin’s drop below its 200-day moving average, currently around $110K, could signal a risk of extended consolidation if not reversed soon.
Can the Bitcoin/Gold Cross Hold 25x Support?
This may be the top markets question of 4Q25. My bias is risks are lower.
Full report on the Bloomberg here: https://t.co/1Ds4e2K5Hc {BI COMD}#gold #bitcoin #stockmarket #macroeconomics @BBGIntelligence pic.twitter.com/WOl74Tb9rJ— Mike McGlone (@mikemcglone11) November 10, 2025
He noted that Bitcoin’s recent price structure mirrors gold’s “bull flag” reversal from earlier this year, implying that macro sentiment could shift rapidly depending on whether the cryptocurrency can regain technical momentum.
Macro Context and Investor Outlook
The conflicting signals, record adoption and near-term resistance, highlight the complex dynamics shaping Bitcoin’s current market phase. With over 25 million active investors now holding meaningful balances, fundamentals appear stronger than ever, yet chart-based signals warn of potential headwinds ahead.
If Bitcoin breaks decisively above $110K, it could validate bullish momentum for Q4 2025, potentially attracting further institutional inflows. However, failure to reclaim that level may reinforce a prolonged accumulation range, keeping volatility high as markets await next week’s U.S. Federal Reserve and crypto policy updates.