Bitcoin Whale Holdings hit a 29-month low
After falling nearly 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 with between 100 and 10,000 coins now own around 45.72% of the total active BTC supply, the lowest level since April 4, 2020.
“The amount of Bitcoin (BTC) held by whales has fallen for 11 months now. As fears of inflation and a global recession continue, addresses with 100 to 10,000 BTC have dropped the share of supply held by the crypto’s top asset to 29-month lows, ” Santiment said in a recent chirping.
BTC’s network profitability is also plummeting. 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 recent 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 actually reached an all-time low. This indicates that coins that have been held for months to years are the most dormant they have ever been,” Glassnode highlighted in its latest data.
Earlier this month, BTC supply on exchanges hit its lowest level in nearly four years.
After falling nearly 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 with between 100 and 10,000 coins now own around 45.72% of the total active BTC supply, the lowest level since April 4, 2020.
“The amount of Bitcoin (BTC) held by whales has fallen for 11 months now. As fears of inflation and a global recession continue, addresses with 100 to 10,000 BTC have dropped the share of supply held by the crypto’s top asset to 29-month lows, ” Santiment said in a recent chirping.
BTC’s network profitability is also plummeting. 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 recent 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 actually reached an all-time low. This indicates that coins that have been held for months to years are the most dormant they have ever been,” Glassnode highlighted in its latest data.
Earlier this month, BTC supply on exchanges hit its lowest level in nearly four years.
