According to Glassnode, there are several indicators that suggest bitcoin (BTC) is presently in an accumulation phase. The on-chain data points have surged to all-time highs (ATH), indicating a rise in interest and long-term holding among investors. One such metric is the percentage of the total bitcoin supply that has remained untouched for at least five years. The recent ATH of 28.513% indicates that over a quarter of all bitcoins currently in circulation have been held for more than five years.
The growing trend of long-term holding may suggest that numerous investors are confident about the future growth of bitcoin and are retaining their assets. Moreover, the number of wallet addresses containing at least 0.01 bitcoin has surged to an all-time high of 11,784,039.
The growing trend of long-term holding may suggest that numerous investors are confident about the future growth of bitcoin and are retaining their assets. Moreover, the number of wallet addresses containing at least 0.01 bitcoin has surged to an all-time high of 11,784,039.
It suggests that there is a rise in the participation of small-scale investors and users in the market, which could potentially enhance the overall stability and growth of the bitcoin ecosystem.
Likewise, the number of unique wallet addresses containing at least one bitcoin has surged to an all-time high of 993,224, which reflects the growing interest and confidence of investors in digital currency. As more investors enter the market, the demand for bitcoin is likely to increase, potentially leading to higher prices in the long run.
Moreover, the number of non-zero addresses, which refers to wallet addresses with a balance greater than zero, has also reached an ATH of 45,506,505. This indicates the expanding adoption and usage of bitcoin. As more individuals use bitcoin for transactions and investments, the digital currency's network effect and value proposition may be further reinforced.
To conclude, the exchange netflow reflects the variance between the volume of bitcoin deposited into exchanges and withdrawn in the past 24 hours, revealing that $26.2 million has exited the trading avenues today. A negative net flow signifies that the amount of bitcoin being withdrawn from exchanges surpasses the deposited amount, which may indicate that investors are opting to store their bitcoin in personal wallets or cold storage, typically indicating accumulation and a long-term commitment to the asset. Taken together, these on-chain data points provide an overview of bitcoin in the midst of an accumulation phase. With more investors entering the market and long-term holders continuing to retain their assets, the future of bitcoin looks bright, with potential for sustained growth and adoption.