Glassnode: On-chain metrics point to a rising number of long-term Bitcoin holders

The number of bitcoins that had remained unmoved for three to five years reached a 22-month high. Data from analytics firm Glassnode show this trend.

📈 #Bitcoin $BTC Active Supply 3y-5y (1d MA) just reached a 22-month high of 1,689,145.020 BTC

Previous 22-month high of 1,688,961.883 BTC was observed earlier today

View metric:https://t.co/XSjQIR8ORg pic.twitter.com/lGeHf2Cj3m

— glassnode alerts (@glassnodealerts) September 25, 2020

According to researchers, the number of active wallets fell by 16.1% in 24 hours.

📉 #Bitcoin $BTC Number of Active Addresses (2d MA) decreased significantly in the last 24 hours.

Current value is 48,566.375 (down 16.1% from 57,914.583)

View metric:https://t.co/WsznU7u6Y1 pic.twitter.com/ZCRdaL6xuY

— glassnode alerts (@glassnodealerts) September 28, 2020

The dynamics of these metrics may point to a growing number of users preferring to hold Bitcoin rather than move it, trade it, or spend coins.

The count of Bitcoin addresses with a balance of at least 1 BTC since September 16 declined from 823,992 to 807,662. Over this period, the number of Bitcoin addresses with a balance of at least 10 BTC increased by 556, to 153,667. The Bitcoin price in the same period rose from $10,800 to $11,800, before retreating to $10,140 and recovering to the current $10,870.

Number of Bitcoin addresses with a balance of at least 1 BTC. Source: Glassnode.

Number of Bitcoin addresses with a balance of at least 10 BTC. Data: Glassnode.

As reported, according to a number of industry representatives, the recent decline in the total volume of exchange deposits to the lows not seen since November 2018 may be linked to the arrival of a new wave of investors betting on long-term Bitcoin storage.

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