Bitcoin: Addresses Holding at Least 1 BTC Hits All-time High of 848,082

Vignesh Karunanidhi
Bitcoin: Addresses Holding at Least 1 BTC Hits All-time High of 848,082
Source: NewsBTC

As per the metrics from Glassnode, the number of addresses that hold at least one bitcoin hit an all-time high of 848,082.

The numbers are substantially more significant due to rising adoption and global acceptance. Even though May witnessed a massive sell-off due to the bear market, the accumulation trend seems to be on track.

Even though the prices fluctuate around $30k, the number of bitcoin addresses holding at least one bitcoin hits an all-time high. The previous all-time high was recorded on May 10, 2022, which was 836,922. The current all-time high hits 848,082.

Source: Glassnode

Bitcoin shows behavioral change after LUNA motivated sell-off

After the catastrophic fall of LUNA, the market witnessed a massive sell-off. Following the trail, there has been a behavioral change in bitcoin accumulation. Reports from Glassnode reveal that holders with less than 100 BTC and more than 10,000 BTC have displayed notable accumulation.

Source: Glassnode

The market has not been welcoming to the non-hodlers as they showed less interest compared to the hodlers. This is mainly because the hodlers are less sensitive to the market volatility and bear market.

The LUNA event witnessed a panic sell-off moment as investors looked to cut off their losses. But the number of hodlers is significantly accumulating BTC as the price plummets lower.

Source: Bitcoinist

The Glassnode report suggests that the shifting bitcoin on-chain activity indicates that only the hodler class remains stagnant with their holdings. The LUNA-inspired sell-off also triggered bitcoin holders with less than 100 BTC to pile up the coin at lower prices.

There are signs of decoupling between digital assets and equities if you keep both eyes on the macro environment, which Bitcoin stays in. Bitcoin is currently trading at $29,981 with a 24-hour trading volume of $42,021,215,442. It is also down 5.5% in the last 24 hours.