The number of large cryptocurrency holders surged amid the rapid rise in BTC’s price, according to data from analytics firm Glassnode.
With $BTC‘s recent price increase, the number of #Bitcoin addresses holding at least $1,000,000 USD has surged by ~38% to around 18,000.https://t.co/akRiFpAg7q pic.twitter.com/fcoOcHtAPh
— glassnode (@glassnode) July 29, 2020
The number of unique addresses with balances of at least $1 million in BTC rose by 38%, reaching 18,000. This metric marked a new high since mid-last year.
Bitcoin’s market value increased by almost 16% over the week, reaching levels seen at the start of September 2019. At present, the price is around $11,100, according to CoinGecko.
Despite the price rise, BTC exchange balances remain at their annual minimum — 14.5% of the available supply.
Despite $BTC‘s recent price surge, we haven’t seen large-scale deposits of funds into exchanges.
So far, the #Bitcoin balance on exchanges remains stable – at around 14.5% of the circulating BTC supply.
Chart: https://t.co/9gm2aKNckt pic.twitter.com/mD3yiNc8ps
— glassnode (@glassnode) July 28, 2020
Miner inflows to exchanges approached $300,000 per hour, boosted by the Bitcoin price rally.
Source: Glassnode.
Earlier, the number of active Bitcoin addresses reached a two-year high. Meanwhile, network fees rose by 750% in a month.
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