Bitcoin Whale Holdings Hit the Lowest Level in 29 Months

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After a plunge of almost 20% between August 15 and September 25, Bitcoin stabilized near the $19,000 level on Monday. However, Bitcoin whales continued to dump 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 April 4, 2020.

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

BTC’s net profit 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.

Online Activity

Due to a consistent price correction, the overall activity across the Bitcoin network has decreased in recent months. Idle BTC supply has increased since the beginning of 2022.

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

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

After a plunge of almost 20% between August 15 and September 25, Bitcoin stabilized near the $19,000 level on Monday. However, Bitcoin whales continued to dump 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 April 4, 2020.

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

BTC’s net profit 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.

Online Activity

Due to a consistent price correction, the overall activity across the Bitcoin network has decreased in recent months. Idle BTC supply has increased since the beginning of 2022.

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

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



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