Bitcoin Whale Holdings Hit the Lowest Level in 29 Months

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After a plunge of almost 20% between 15 August and 25 Sep­tem­ber, Bit­coin sta­bi­lized near the $19,000 lev­el on Mon­day. How­ev­er, Bit­coin whales kept dump­ing the world’s most valu­able cryp­to asset dur­ing the recent mar­ket cor­rec­tion, accord­ing to the data pub­lished by Santiment.

The data shows that Bit­coin address­es hold­ing between 100 and 10,000 coins now own about 45.72% of the total active BTC sup­ply, the low­est lev­el since 4 April 2020.

“The amount of Bit­coin (BTC) held by whales has been drop­ping for 11 months now. As fears of infla­tion and a glob­al reces­sion con­tin­ue, address­es hold­ing 100 to 10k BTC have low­ered their per­cent­age of sup­ply held of cryp­to’s top asset to 29-month lows,” San­ti­ment not­ed in a recent Tweet.

BTC’s net­work prof­itabil­i­ty is also plung­ing. Accord­ing to Glassnode, an on-chain ana­lyt­ics plat­form, the per­cent­age of Bit­coin address­es in prof­it (7‑day mov­ing aver­age) reached 53.6% on Mon­day, the low­est lev­el in two years.

Network Activity

Due to a con­sis­tent price cor­rec­tion, the over­all activ­i­ty across the Bit­coin net­work has decreased in the last few months. Dor­mant BTC sup­ply has been on the rise since the start of 2022.

“The total vol­ume of BTC coin-days destroyed in the last 90-days has, effec­tive­ly, reached an all-time low. This indi­cates that coins which have been HODLED for sev­er­al months to years are the most dor­mant they have ever been,” Glassnode high­light­ed in its lat­est data.

Ear­li­er this month, BTC sup­ply on exchanges touched its low­est lev­el in almost four years.

After a plunge of almost 20% between 15 August and 25 Sep­tem­ber, Bit­coin sta­bi­lized near the $19,000 lev­el on Mon­day. How­ev­er, Bit­coin whales kept dump­ing the world’s most valu­able cryp­to asset dur­ing the recent mar­ket cor­rec­tion, accord­ing to the data pub­lished by Santiment.

The data shows that Bit­coin address­es hold­ing between 100 and 10,000 coins now own about 45.72% of the total active BTC sup­ply, the low­est lev­el since 4 April 2020.

“The amount of Bit­coin (BTC) held by whales has been drop­ping for 11 months now. As fears of infla­tion and a glob­al reces­sion con­tin­ue, address­es hold­ing 100 to 10k BTC have low­ered their per­cent­age of sup­ply held of cryp­to’s top asset to 29-month lows,” San­ti­ment not­ed in a recent Tweet.

BTC’s net­work prof­itabil­i­ty is also plung­ing. Accord­ing to Glassnode, an on-chain ana­lyt­ics plat­form, the per­cent­age of Bit­coin address­es in prof­it (7‑day mov­ing aver­age) reached 53.6% on Mon­day, the low­est lev­el in two years.

Network Activity

Due to a con­sis­tent price cor­rec­tion, the over­all activ­i­ty across the Bit­coin net­work has decreased in the last few months. Dor­mant BTC sup­ply has been on the rise since the start of 2022.

“The total vol­ume of BTC coin-days destroyed in the last 90-days has, effec­tive­ly, reached an all-time low. This indi­cates that coins which have been HODLED for sev­er­al months to years are the most dor­mant they have ever been,” Glassnode high­light­ed in its lat­est data.

Ear­li­er this month, BTC sup­ply on exchanges touched its low­est lev­el in almost four years.



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