According to on-chain statistics, Bitcoin sentiment has been high since February. Addresses with a positive balance of Bitcoin reached an all-time peak.
In addition, wallets that have a positive balance in BTC are hoarding their coins. According to Glassnode data, the amount of BTC in circulation reached an all-time high of just under 2.8 million coins four years ago. This was a result of on-chain analytics firm Glassnode.
#Bitcoin $BTC Number of Non-Zero Addresses just reached an ATH of 40,276,163 Previous ATH of 40,275,801 was observed on 05 February 2022 View metric:https://t.co/VtoChZbLsa pic.twitter.com/hTnHlN9GeU
— Glassnode Alerts (@glassnodealerts February 27, 2022
Between 2019 and 2020, the number of addresses that had a balance of at least zero was on the rise. Then, in 2021, it seemed like growth had slowed to 35 million. Glassnode reports that this metric has seen a significant increase in growth since 2022. The new ATH is 40,276,163.
The sudden surge in BTC supply, which was last active between three and five years ago, coincides with peaking of the extended bull market at 2018’s beginning.
Glassnode found that 817,445 addresses have at least one BTC. This is a 10-month record.
This month, several metrics have been taken into consideration regarding supply-side dynamics in Bitcoin. FSInsight reported that 75% of Bitcoin’s circulating supply was illiquid as it hadn’t moved for a long time. According to the financial research firm, the situation is a “powder pot” that will explode as soon as a small amount of BTC has been bought onto the market.
Related: Bitcoin fails against resistance, as $40K remains out of reach into weekly close
The political turmoil in Canada and Ukraine during February has shed light on Bitcoin’s ability remain censor-proof. As tensions rise in the region, some Canadians have taken to Bitcoin to keep their funds safe. The Ukrainian government accepts BTC donations.
BTC trades at $37.827 right now, which is around 45% lower than the Nov. 10 ATH of $69,000, according to CoinGecko.
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