According to recent data from on-chain analytics firm Glassnode, the amount of Bitcoin available for purchase on exchanges has significantly decreased.As of February 2023, Bitcoin exchanges reportedly own 16% less BTC than the oldest hodlers, indicating a trend of higher BTC ownership among long-term holders compared to exchanges.

In addition, the data reveals that a significant portion of the BTC supply has been dormant for at least a decade, with more BTC in this category than the amount available for purchase on exchanges.

This has resulted in exchange reserves reaching their lowest levels since early 2018, with Bitcoin currently trading at $23,287.

Bitcoin Supply Maturation Highlighted by Astonishing Statistic:-

Recent statistics indicate that major Bitcoin exchanges' BTC balances have reached their lowest levels in years, reflecting the determination of long-term hodlers to hold onto their assets. As of February 27, the exchanges tracked by Glassnode held a combined total of 2,272,798 BTC, which is the lowest number since March 2018. In March 2020, this figure reached an all-time high of 3,202,326 BTC, but has been steadily declining since the COVID-19 cross-market crash, with reserves falling 29% lower as of now due to the 2022 bear market.

Source:- Glassnode, Bitcoin exchange balance chart.

Moreover, the impressive data reveals that exchanges now hold less BTC compared to the oldest hodler addresses, indicating higher BTC ownership among long-term holders. According to William Clemente, co-founder of Bitcoin-focused research firm Reflexivity, "there is now more Bitcoin that hasn't moved in at least 10 years than there is on exchanges," which is a wild statistic. Further data from Glassnode shows that the total BTC that has been dormant for ten years or more is now 2,645,956 BTC, which is 16% more than the total exchange balance.

Source:- Glassnode, BTC supply last active 10+ years ago chart.

Hodlers Show Resilience as Data Indicates No Panic Selling:-

According to a report by CryptoPatel, hodlers of Bitcoin have demonstrated a strong level of resilience in 2023 despite the challenging market conditions witnessed in the previous year. Despite the increasing value of BTC, hodlers have continued to hold their assets, with limited sales and increased exposure. This trend has persisted, as evidenced by a four-month high in hodlers' combined net position change observed over the weekend.

Source:- Glassnode, Bitcoin hodler net position change chart

Such data indicates a strong sense of confidence and optimism among hodlers, suggesting a lack of panic selling in the current market.

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#BTC #BNB #Glassnode #Binance #Bitcoin

In the world of cryptocurrency, the last few days have been quite eventful. According to data by Glassnode, the USDC transaction volume has just reached a 5-month low of $323,963,029.87. This is a significant decline from the previous 5-month low of $326,393,674.61 that was observed on 31 March 2023.

@azcoinnews

The USDC is a stablecoin pegged to the US dollar, which means that its value remains stable and predictable. It is used by traders and investors to transfer funds between exchanges, as well as to hold value in times of market volatility. The recent drop in transaction volume could be a result of market participants holding onto their USDC, and waiting for better investment opportunities.

On the other hand, the percentage supply of USDC in smart contracts has just reached a 10-month high of 42.272%. This is a significant increase from the previous 10-month high of 42.222%, which was observed on 14 September 2022.

@azcoinnews

Smart contracts are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. This increase in the percentage supply of USDC in smart contracts indicates that more market participants are using the stablecoin to invest in decentralized applications.

In addition, Santiment, a market intelligence platform, has reported that the combined buying power for USDT, USDC, BUSD, DAI, and USDP is $126.3 billion. The decline in buying power has tapered off this week, which could signal a major increased probability of Bitcoin rising.

@azcoinnews

The first quarter of 2023 has been a good one for the recovering cryptocurrency markets, and a rise in buying power could further strengthen the market. However, it is important to remember that the cryptocurrency market is highly volatile and subject to fluctuations, so investors should exercise caution and do their due diligence before making any investments.

The recent developments in the cryptocurrency market have been noteworthy, with the USDC transaction volume reaching a 5-month low, the percentage supply of USDC in smart contracts reaching a 10-month high, and the combined buying power for stablecoins remaining strong.

#Santiment #Glassnode #azcoinnews #Stablecoins #USDC

This article was republished from azcoinnews.com

Bitcoin investors and enthusiasts are celebrating as the cryptocurrency experiences one of the best performing weeks of price action in history.

According to Glassnode’s weekly report, Bitcoin has closed up 35.8% in the week, a remarkable feat that has been achieved only 124-trading days in history. The report further highlights that just 16 days have seen a larger 7-day upside rally, with almost all instances occurring within bull market trends, typically near the later stages of the run.

This impressive performance by Bitcoin is coming at a time when traditional financial and banking systems are experiencing challenging conditions. Concerns over the vulnerability of smaller banks in the digital era have raised alarm bells, leading to the establishment of new liquidity funding facilities between the US Federal Reserve, US banks, and swap lines with other central banks.

Despite the challenging environment, investors are reacting positively to the Bitcoin market. The monthly average of transaction counts has hit 309.5k/day, which is the highest level since April 2021, and significantly above the yearly average. This is a healthy sign, with fewer than 12.2% of all days seeing more transaction activity for Bitcoin.

Using advanced clustering algorithms, Glassnode estimates the number of unique new entities operating on-chain as the best estimate for unique new users. This metric has reached 122k new entities/day, with just 10.2% of days seeing higher new user adoption rates, mainly during the 2017 peak and the 2020-21 bull run.

As a result, network congestion is climbing, putting upwards pressure on transaction fees. Bolstered by a new demand from Ordinals and Inscriptions, the 2yr Z-Score for miner revenue from fees has turned positive.

This influx of new users is a common precursor to more constructive markets, coinciding with new waves of adoption expressed via increasing demand for blockspace. Miners are also benefiting from this influx, seeing their total revenue spike up to $22.6M/day. This week, miner revenues have lifted to the highest level since June 2022, breaking convincingly above the yearly average.

Source: Glassnode

In conclusion, the Bitcoin market appears to be shifting gears, moving out of deep bear market territory and towards a structure resembling past early bull markets. With investor sentiment and adoption rates increasing, the future of Bitcoin looks bright, and it will be interesting to see how it performs in the coming weeks and months.

#Bitcoin #BTC #Glassnode #TechnicalAnalysis #azcoinnews

This article was republished from azcoinnews.com

The number of wallets that own up to 1 whole #BTC has topped the 1 million mark for the first time.

Centralized exchanges remain king holding over 1.89 million of the circulating 19 million supply of BTC in the market. 

The adoption of digital assets, specifically the two market leaders #bitcoin (BTC) and #Ethereum (ETH), continues to grow with gains recorded this year and a potential pause in interest rate hikes.

According to recent data from on-chain analytics firm, Glassnode, the number of wallets with at least 1 BTC has surged past the 1 million mark for the first time. This is a huge milestone as the top cryptocurrency attempts to reclaim $28,000 after losing that mark earlier this month.

The market downturn of 2022, which saw BTC lose over 55% of its value, lured many investors to add to their holdings. Wallets holding more than 1 Bitcoin surged in mid-June and November after the crash of FTX. Overall, 190,000 wallets grew their portfolio above 1 BTC from Nov 2021 till date.

It should be pointed out that the fact that 1 million addresses own over 1 BTC does not represent 1 million users, as several big investors have more than one crypto address, and digital asset exchanges also hold large amounts of assets. Data from CoinGlass show that of the 19 million BTC in circulation, about 1.89 million are held on major exchanges.

Glassnode sees a bull run on the horizon

Glassnode’s co-founder @Nengentropic urged his followers on the best time to acquire cryptocurrencies in the wake of the new statistics. According to him, users should accumulate “when there is blood in the streets,” signifying a bearish market on the brink of a surge. 

   

#Glassnode also estimated BTC to hit $35,000 in summer as bulls look to capitalize on the current banking sector woes and the signal from the Feds to pause the hike in interest rates, a move which has repeatedly hurt the market as investors move on from risky assets.

BTCUSD Chart by TradingView

On the other hand, BTC seeing fresh dives below $26,700, marking two months’ lows, have left pundits pointing to a correction below $25,500. Despite last week’s fall, BTC already looks stronger after reclaiming $27,300.

source: zycrypto

image source: ai

#CryptoDailyDigest

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.