A steady rise in the number of wallets holding more than 1,000 ICP has caught the attention of Internet Computer watchers, with on-chain data suggesting renewed confidence among investors who prefer to keep their tokens on the Network Nervous System rather than on exchanges.
The increase is based on figures from IC Terminal, which tracks wallet activity across the ecosystem. The category often referred to as meaningful wallets gives a rough sense of how many holders maintain a sizeable position directly on-chain. While it is not a perfect indicator of long-term sentiment, it can help build a broader picture when combined with other trends such as staking periods, voting activity and canister growth.
The detail around custodial holdings is important. Tokens kept on centralised exchanges are grouped into custodial wallets, which means large balances held on behalf of many users appear as a single wallet on-chain. For this reason, the chart relates mostly to investors who have taken custody of their ICP and locked it into the system where voting and rewards are tied to how long tokens are staked.
Some analysts argue that increases in meaningful NNS wallets often reflect growing engagement from holders who are more invested in the project’s long-term direction. Others caution against reading too much into a single metric, noting that on-chain behaviour can fluctuate due to market conditions, incentive changes or individual portfolio moves.
The latest upward shift comes at a time when conversations around cross-chain integrations, developer activity and recent upgrades to the Internet Computer have contributed to renewed interest in the ecosystem. Whether these numbers continue to climb depends on broader market sentiment as well as how the community responds to ongoing technical progress.
For now, the chart indicates a modest but observable recovery in on-chain accounts holding over 1,000 ICP, with the usual reminder that these figures reflect only self-custodied positions rather than the whole investor base.
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