Bitcoin (BTC) has been retracing from its all-time highs after crossing the $66,000 threshold on Wednesday, but today, it plunged to the $8,200 level on Binance.US, a cryptocurrency exchange, after a flash-crash witnessed in a matter of seconds. However, it is not clear if it was a market manipulation or a system glitch from the exchange.
Still, other exchanges like Kraken posted some abnormal and sudden declines in BTC prices, as it too fell to $54,000 before recovering quickly. In addition, social media users spread screenshots of the sudden flash crash seen in Binance.US, with some complaining about losses resulting from the suspected technical issue on the platform.
Yesterday, Bitcoin traded around $67,106. Additionally, the Altcoins sphere was favored by the green mood seen across majors, such as Cardano (ADA), which rallied by over 3.65%. Though, Chainlink (LINK) was hovering around $27.20. Moreover, Meme coin Dogecoin (DOGE) soared by over 2.53%, while Litecoin (LTC) saw astonishing gains after rallying over 8.97% in the last 24 hours.
Recent Bitcoin On-Chain Metrics
As of Monday, Finance Magnates reported that the number of large Bitcoin addresses has risen by a significant margin since September 2021 began. According to data published by Santiment in the past five weeks, the number of addresses holding between 100 and 1,000 bitcoins increased by about 2%.
Accordingly, there are 254 more Bitcoin millionaire accounts today than at the start of September 2021. This is primarily due to a growing interest from institutions. Glassnode, one of the leading on-chain analysis firms, estimates that more than 99% of the BTC supply is now in profit. The world’s most dominant crypto asset is expected to be held for the next few years by long-term investors. Apart from the latest jump in the profitability of BTC’s supply, its option volume and open interest jumped significantly during the first two weeks of October 2021.
