Bitcoin: Number of Addresses Owning 1 BTC Reaches a Record High
Amidst uncertainty in the US banking sector, Bitcoin (BTC) has recovered by bouncing back from its recent losses.
Over the past five days, BTC’s value has risen by 6% and is currently hovering around $27,400 after experiencing a 10% decline last week. However, the increasing balances of BTC held on crypto exchanges have overshadowed this progress.
According to CryptoQuant data, the total amount of BTC held on exchanges has steadily increased since March 27 and has reached its highest level in a month. This rise in reserve values indicates higher selling pressure and has shown an opposite trend in price overall, as per the firm.
As of Tuesday evening, there were 2.18 million BTC ($62.9 billion) on exchanges, which is up 1.4% over the year to date and 18% less than one year ago.
However, several large inactive wallets have recently become active, causing concern about BTC flooding the market, according to a report by research firm K33. Furthermore, demand for BTC has decreased month-to-month, resulting in decreased overall volatility.
READ MORE: Bitcoin: Will a Fed Interest Rate Hike Make or Break BTC’s Rally?
K33 stated that “BTC’s 30-day volatility remains at 3-month lows of 2.1%. While BTC’s 30-day volatility trends lower, with BTC seeing a stale performance over the past month.”
Despite this, the number of addresses holding at least 1 BTC has increased steadily throughout April, reaching new all-time highs this week. There are now almost one million addresses with at least one full Bitcoin, representing a 19% increase since this time last year.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
