• Bitcoin long-term holders are not afraid of the current volatility, as evidenced by the record number of BTC supply last active 10 years ago or more.
• The number of BTC addresses holding at least 100 BTC, worth 1.66 million, and the number of BTC addresses holding at least 1 BTC, worth about $16,600, have also reached all-time highs.
• Despite the recent market downturn, interest in Bitcoin has not been critically damaged, as evidenced by the ongoing exodus of Bitcoin off centralized exchanges.
The Bitcoin (BTC) market has seen a lot of volatility in recent weeks, but this hasn’t stopped long-term holders from maintaining their grip on the asset. On-chain data from blockchain analytics service Glassnode reveals that the amount of Bitcoin supply last active ten years ago or more reached a new all-time high of 2,594,574.300 BTC on December 30th. This suggests that Bitcoin hodlers are not afraid of market volatility and are continuing to accumulate the asset.
The same data also reveals that the number of Bitcoin addresses holding at least 100 BTC, worth 1.66 million as of press time, has also reached a one-time high of 16,133. This indicates that large investors are still highly interested in the asset, despite the recent market downturn. Moreover, the number of Bitcoin addresses holding at least 1 BTC, worth about $16,600 as of press time, has also reached an all-time high of 978,000. This further illustrates the continued interest in Bitcoin, despite the current market volatility.
The data also suggests that public trust in centralized crypto exchanges (CEXs) is still low. Over the 24-hour period to press time on December 30th, $29.1 million worth of Bitcoin left cryptocurrency exchanges, alongside $56.4 million worth of Ethereum (ETH). This is likely due to the recent fall of the major crypto exchange FTX, which has caused many investors to move their assets off of centralized exchanges.
Overall, the data suggests that Bitcoin long-term holders are not afraid of the current volatility, and that interest in the asset remains strong despite the recent market downturn. This is evidenced by the record number of BTC supply last active ten years ago or more, and the high number of Bitcoin addresses holding at least 100 BTC, 1 BTC, and other amounts. In addition, the ongoing exodus of Bitcoin off centralized exchanges further illustrates the lack of trust in those service providers.