• Bitcoin holders are moving their funds off centralized exchanges and not selling them.
• Data provided by blockchain analytics firm Glassnode shows that bitcoin addresses holding a minimum of 0.01 BTC are currently at a new all-time high of 11,464,621.
• Over the last 24 hours, there has been a negative net flow of $99.3 million worth of BTC at cryptocurrency exchanges, with bitcoin users sending $626.7 million onto the platforms and moving $725.9 million out of them.
The cryptocurrency market has seen its fair share of ups and downs over the past few years, but one thing that remains constant is the commitment of Bitcoin (BTC) holders. Despite a tumultuous 2022, more and more holders are continuing to invest in the world’s first cryptocurrency, with data from blockchain analytics firm Glassnode showing a new all-time high of 11,464,621 bitcoin addresses holding a minimum of 0.01 BTC. Similarly, addresses holding at least 1 BTC have just reached 981,290, with the amount of BTC supply last moved five or more years ago reaching 27.466%.
This data further confirms the notion that long-term holders are not selling their Bitcoin. In fact, the amount of supply last active at least 10 years ago has just reached a new all-time high of 2,606,573.215 BTC, with the percent of Bitcoin’s supply last active two or more years ago also at an all-time high of 48.09%. These figures clearly demonstrate that interest and trust in Bitcoin is still strong despite the recent market events.
This trend is further demonstrated by the net flow of BTC at cryptocurrency exchanges. Over the last 24 hours, there has been a negative net flow of $99.3 million worth of BTC at cryptocurrency exchanges, with bitcoin users sending $626.7 million onto the platforms and moving $725.9 million out of them. This indicates that holders are choosing to move their funds off centralized exchanges and not sell them.
It is clear that Bitcoin holders are continuing to trust in the cryptocurrency, despite the recent market volatility. This is a testament to the strength of the cryptocurrency and its ability to withstand the test of time, with holders continuing to hold onto their Bitcoin and not selling it. With the interest and trust in Bitcoin only increasing, it is likely that this trend will only continue in the years to come.
