• Bitcoin (BTC) long-term holders are not afraid of the current volatility, as evidenced by the amount of bitcoin supply last active over 10 years ago reaching an all-time high of 2,594,574.300 BTC.
• The number of bitcoin addresses holding at least 100 BTC and 1 BTC also reached their respective all-time highs of 16,133 and 978,000.
• This indicates that interest in bitcoin has not been critically damaged despite the recent market downturn, despite the distrust in centralized crypto service providers.
The recent volatility in the cryptocurrency market has caused investors to question the safety of their investments, but data indicates that Bitcoin long-term holders have not lost their grip on the market. Blockchain analytics service Glassnode has revealed that the amount of bitcoin supply last active over ten years ago has reached an all-time high of 2,594,574.300 BTC on December 30th, indicating that investors are continuing to accumulate Bitcoin despite the current market conditions.
This is further evidenced by the fact that the number of Bitcoin addresses holding at least 100 BTC and 1 BTC reached their respective all-time highs of 16,133 and 978,000. This suggests that interest in Bitcoin is still strong despite the recent market downturn, and that investors are continuing to accumulate Bitcoin even in the face of the current market volatility.
The data also suggests that investors are continuing to move away from centralized exchanges, and are instead favoring more reliable forms of storage for their Bitcoin. This is likely due to the distrust in centralized crypto service providers, a distrust that was further heightened after the fall of major crypto exchange FTX. Glassnode’s data shows that over the past 24 hours, $29.1 million worth of Bitcoin has left cryptocurrency exchanges alongside $56.4 million worth of Ethereum (ETH).
This exodus of Bitcoin from centralized exchanges is further evidence of the increasing trust in non-custodial forms of storage, such as cold wallets and hardware wallets. The continued accumulation of Bitcoin by long-term holders and the increasing distrust of centralized exchanges suggests that investors remain confident in the long-term potential of Bitcoin, despite the current market uncertainty.