Despite the latest correction in the crypto market, the total number of Bitcoin whales has increased substantially in the last few months. On 18 August, the number of BTC addresses with at least 10 coins touched 149,961, which is the highest level since February 2021.
In addition to the latest surge in large BTC addresses, the Bitcoin supply that was last active approximately 10 years ago touched an all-time high on Thursday. According to Glassnode, a leading on-chain analytics platform, more than 2.5 million coins were last active in 2012.
In the past week, Bitcoin witnessed a sharp decline in its value as the world’s most valuable digital currency dipped by almost 9%. The crypto asset currently has a market cap of more than $420 billion.
“Currently, supply active 1+ years sits just below the previous ATH set in May 2022 at 65%. This highlights the significant conviction of May-July 2021 buyers after the great miner migration. The equilibrium over the last three months indicates that coin maturation is in balance with spending. This can be considered a constructive mechanic within a bear market,” Glassnode noted in its recent report.
Bitcoin Holders
Glassnode’s data shows that the total number of addresses with at least one Bitcoin reached an all-time high of 896,735 on Friday. The figure has jumped substantially since the start of 2021. Another trend that was evident in the recent market correction was the consistent outflows of crypto tokens from leading digital exchanges to cold wallets.
“Year to date, exchange outflows have continued with generally increasing intensity as prices declined. This underscores a persistent structural demand, from both small and large investors, for sovereign self-custodial assets. On balance, Exchanges have seen a net outflow of -100K BTC following the May 2022 LUNA capitulation, which accounts for 3.2% of the total outflows since the March 2020 ATH,” Glassnode added.
