Bitcoin: Addresses Holding at Least 1 BTC Hits All-time High of 851,921

Vignesh Karunanidhi
Bitcoin: Addresses Holding at Least 1 BTC Hits All-time High of 851,921
Source: Barron’s

According to Glassnode’s data, the number of addresses holding at least one bitcoin reached an all-time high of 851,921.

Because of increased usage and global acceptance, the numbers are much higher. Even though the bear market caused a major sell-off in May, the accumulation trend appears to be on track.

Despite the fact that bitcoin was fluctuating around $30k and fell below $30k, the number of bitcoin addresses with at least one bitcoin has reached an all-time high. Bitcoin fell further from $30k and is currently trading at $28,101 at the time of writing. The previous all-time high, of 848,082, was set on June 2, 2022. 851,921 is the current all-time high.

Source: Glassnode

Markets push Bitcoin’s price further down

The market seems to be trading in the lows, with a majority of investors incurring losses and miners’ facing a fall in revenues with an increase in production costs. Bitcoin has been going through the bloodshed for nine continuous weeks and displayed a green light at the beginning of the month.

Source: Glassnode

BTC traded around the $30k level and slightly fluctuated between $31,900 and $29,375. But the market didn’t show mercy as it dropped further and hit $27,000, according to CoinMarketCap.

The market has been stressful for the long-term hodlers, causing consecutive losses. Miners are also facing continuous difficulty as they spend more on capital and production costs to sustain the process as revenues are dropping considerably.

Source: Forbes

The current bear market is also witnessing short-term holders disappearing due to a massive sell-off. The short-term speculators are unable to sustain in the market and exit quickly. This opportunity is grabbed by the long-term holders as they try to accumulate their holdings during this time.

The current bear market also displays that the long-term holders are bearing the most pain of unrealized loss.