crypto.news 07 April 2023 13:24, UTC Reading time: ~2 m
In recent developments, multiple indicators by Glassnode suggest that bitcoin (BTC) is currently in an accumulation phase. Several on-chain data points have reached all-time highs (ATH), indicating increased interest and long-term holding among the investors.
This metric measures the percentage of the total bitcoin supply that has not been moved for at least five years. The recent ATH of 28.513% implies that over a quarter of all circulating bitcoins have been held for over five years.
This trend may suggest that many long-term investors are holding onto their assets, confident in the future growth of bitcoin.
In addition, the number of unique wallet addresses holding a minimum of 0.01 bitcoin has reached an ATH of 11,784,039. This indicates an increase in the number of small-scale investors and users participating in the market, which may contribute to the overall stability and growth of the bitcoin ecosystem.
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Similarly, the number of unique wallet addresses holding at least one bitcoin has reached an ATH of 993,224. This underscores the growing interest and confidence of investors in digital currency. As more investors enter the market, the demand for bitcoin will likely increase, potentially leading to higher prices in the long run.
The number of non-zero addresses, or wallet addresses with a balance greater than zero, has also reached an ATH of 45,506,505. This highlights the expanding adoption and usage of bitcoin. As more people utilize bitcoin for transactions and investments, the digital currency’s network effect and value proposition may be further strengthened.
Finally, the exchange netflow, or the difference between the amount of bitcoin deposited into exchanges and the amount withdrawn within the last 24 hours, shows that $26.2 million left those trading avenues today. A negative net flow indicates that more bitcoin is being taken out of exchanges than deposited. This trend may suggest that investors are choosing to hold their bitcoin in personal wallets or cold storage, which is often seen as a sign of accumulation and long-term commitment to the asset.
Overall, these on-chain data points paint a picture of bitcoin amid an accumulation phase. As more investors join the market and long-term holders continue to store their assets, the future of bitcoin appears promising, with potential for continued growth and adoption.
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