{"id":19483,"date":"2024-12-12T17:25:18","date_gmt":"2024-12-12T15:25:18","guid":{"rendered":"https:\/\/forklog.com\/en\/glassnode-charts-bitcoins-path-to-the-iconic-100000-mark\/"},"modified":"2024-12-12T17:25:18","modified_gmt":"2024-12-12T15:25:18","slug":"glassnode-charts-bitcoins-path-to-the-iconic-100000-mark","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/glassnode-charts-bitcoins-path-to-the-iconic-100000-mark\/","title":{"rendered":"Glassnode Charts Bitcoin&#8217;s Path to the Iconic $100,000 Mark"},"content":{"rendered":"<p>From the genesis block to breaching the $100,000 mark, the Bitcoin network has processed 1.12 billion transactions worth $131.25 trillion, evolving from a &#8220;small corner of the internet into a part of the global financial infrastructure.&#8221; Glassnode has outlined the milestones of this &#8220;journey.&#8221;<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> crossing $100K is a monumental milestone in its evolution into a global financial force. This week&#8217;s edition of Glassnode&#8217;s Week On-Chain newsletter tells the fascinating story of this journey through the lens of <a href=\"https:\/\/twitter.com\/hashtag\/onchain?src=hash&#038;ref_src=twsrc%5Etfw\">#onchain<\/a> data: <a href=\"https:\/\/t.co\/gxqUraZizs\">https:\/\/t.co\/gxqUraZizs<\/a> <a href=\"https:\/\/t.co\/2HHO3EAMT8\">pic.twitter.com\/2HHO3EAMT8<\/a><\/p>\n<p>\u2014 glassnode (@glassnode) <a href=\"https:\/\/twitter.com\/glassnode\/status\/1867147245759414352?ref_src=twsrc%5Etfw\">December 12, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Analysts noted that over the past 5,256 trading days, miners have extracted 19.79 million BTC (94.2% of the 21 million BTC), earning $71.49 billion ($67.31 billion from block rewards and $4.18 billion in fees).<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/1-1360.webp\" alt=\"1-1360\" class=\"wp-image-247569\"\/><figcaption class=\"wp-element-caption\">Data: Glassnode.<\/figcaption><\/figure>\n<p>The market capitalization of digital gold surpassed $2 trillion, overtaking that of silver.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/2-977.webp\" alt=\"2-977\" class=\"wp-image-247570\"\/><figcaption class=\"wp-element-caption\">Data: Glassnode.<\/figcaption><\/figure>\n<p>During this period, 72 positive monthly candles were recorded (including December 2024) with an average gain of 37.4%. Bitcoin closed 71 months in the red with an average loss of 14.2%.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/3-546.webp\" alt=\"3-546\" class=\"wp-image-247571\"\/><figcaption class=\"wp-element-caption\">Data: Glassnode.<\/figcaption><\/figure>\n<p>Investors realized a total of $1.27 trillion in profits and $592 billion in losses. The realized capitalization amounted to $750 billion, highlighting the immense value investors have directed into the network over its existence.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/4-343.webp\" alt=\"4-343\" class=\"wp-image-247572\"\/><figcaption class=\"wp-element-caption\">Data: Glassnode.<\/figcaption><\/figure>\n<h2 class=\"wp-block-heading\"><strong>Supply Distribution<\/strong><\/h2>\n<p>Of the total mined bitcoins, the distribution among various participant groups by wallet size is as follows:<\/p>\n<ul class=\"wp-block-list\">\n<li><0.001 BTC: 5,491 BTC (0.027%);<\/li>\n<li>0.001-0.01 BTC: 42,683 BTC (0.216%);<\/li>\n<li>0.01-0.1 BTC: 271,641 BTC (1.373%);<\/li>\n<li>0.1-1 BTC: 1,077,839 BTC (5.446%);<\/li>\n<li>1-10 BTC: 2,093,845 BTC (10.581%);<\/li>\n<li>10-100 BTC: 4,306,780 BTC (21.761%);<\/li>\n<li>100-1000 BTC: 4,342,868 BTC (21.935%);<\/li>\n<li>1000-10,000 BTC: 4,693,216 BTC (23.716%);<\/li>\n<li>10,000-100,000 BTC: 2,309,654 BTC (11.671%);<\/li>\n<li>>100,000 BTC: 647,934 BTC (3.274%).<\/li>\n<\/ul>\n<p>The majority of large wallets (>1000 BTC) are associated with exchanges, ETFs, and major institutional entities like MicroStrategy.<\/p>\n<p>Each represents collective ownership\u2014from thousands to millions of clients and shareholders.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/5-215.webp\" alt=\"5-215\" class=\"wp-image-247573\"\/><figcaption class=\"wp-element-caption\">Data: Glassnode.<\/figcaption><\/figure>\n<p>As of December 5, exchange balances stood at 1.8 million BTC (9.1% of supply), BTC-ETF issuers held 1.1 million BTC (5.6%), miners (excluding Patoshi) held 700,000 BTC (3.5%), and the US authorities held 187,000 BTC (0.9%).<\/p>\n<p>This underscores the growing institutionalization and centralization of Bitcoin storage, balancing individual ownership with larger players who provide market liquidity and stability, experts noted.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/6-156.webp\" alt=\"6-156\" class=\"wp-image-247574\"\/><figcaption class=\"wp-element-caption\">Data: Glassnode.<\/figcaption><\/figure>\n<h2 class=\"wp-block-heading\"><strong>Network Evolution<\/strong><\/h2>\n<p>Since the creation of the genesis block, the number of subsequent blocks reached 873,304, with an average formation time of 11.8 minutes.<\/p>\n<p>The current average interval between them is about 9.6 minutes, thanks to increased hash rate.<\/p>\n<p>In the early years of the blockchain, the figure significantly exceeded the target 10 minutes. Analysts attributed this to Satoshi&#8217;s overestimation of a laptop processor&#8217;s power compared to the initial difficulty settings.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/7-98.webp\" alt=\"7-98\" class=\"wp-image-247575\"\/><figcaption class=\"wp-element-caption\">Data: Glassnode.<\/figcaption><\/figure>\n<p>The network&#8217;s difficulty has increased significantly. After 418 adjustments, excluding periods of absence, the figure reached 446 T.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/8-70.webp\" alt=\"8-70\" class=\"wp-image-247576\"\/><figcaption class=\"wp-element-caption\">Data: Glassnode.<\/figcaption><\/figure>\n<p>The hash rate grew from 128,185 H\/s to over 804 EH\/s. Miners have computed about 5.01 x 10<sup>28<\/sup> hashes to date. 37% of the total amount is attributed to 2024.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/10-33.webp\" alt=\"10-33\" class=\"wp-image-247577\"\/><figcaption class=\"wp-element-caption\">Data: Glassnode.<\/figcaption><\/figure>\n<p>After filtering 1.12 billion transactions for internal transfers (between the same network participant), experts identified 840 million &#8220;real&#8221; transactions.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/11-59.webp\" alt=\"11-59\" class=\"wp-image-247578\"\/><figcaption class=\"wp-element-caption\">Data: Glassnode.<\/figcaption><\/figure>\n<p>In value terms, the Bitcoin blockchain processed $131.25 trillion, and after filtering, $11.63 trillion (8.86% of the total volume).<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;Most transactions are economic in nature. However, the vast majority are explained by the actions of large exchanges and custodial wallet management,&#8221;<\/em> the specialists concluded.\u00a0<\/p>\n<\/blockquote>\n<p>Previously, journalists from the Financial Times &#8220;apologized&#8221; after Bitcoin breached its <span data-descr=\"all-time high\" class=\"old_tooltip\">ATH<\/span>. The authors of Alphaville criticized the first cryptocurrency &#8220;before it became mainstream,&#8221; starting with an article in 2011. Since then, they have continued to argue that Bitcoin is a &#8220;negative-sum game.&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>From the genesis block to breaching the $100,000 mark, the Bitcoin network has processed 1.12 billion transactions worth $131.25 trillion, evolving from a &#8220;small corner of the internet into a part of the global financial infrastructure.&#8221; Glassnode has outlined the milestones of this &#8220;journey.&#8221; #Bitcoin crossing $100K is a monumental milestone in its evolution into [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":19482,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1273,1150,1268],"class_list":["post-19483","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-glassnode","tag-news-plus","tag-on-chain-analysis"],"aioseo_notices":[],"amp_enabled":true,"views":"30","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/19483","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=19483"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/19483\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/19482"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=19483"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=19483"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=19483"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}