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, which is 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, which is 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.
