Bitcoin is still close to its peak levels from the past 18 months, exceeding both its bear market trading range and important resistance levels. However, a recent correction of more than 3% pushed the asset to under $36,000 earlier today.
During this market-wide surge, Bitcoin’s wallets have experienced significant fluctuation in the past few weeks, contributing to the volatile market. An interesting trend has emerged with regard to Bitcoin wallet addresses.
- According to crypto analytic firm Santiment’s latest analysis, numerous new smaller wallets holding less than 1 BTC have flooded the network.
🐟🐬🐳 #Bitcoin‘s wallets have fluctuated during this major market-wide surge. Tons of new smaller wallets with less than 1 $BTC have flooded the network. Meanwhile, the 1-100 tier has flattened out, and 100+ tier may be in the midst of some profit taking. https://t.co/va51CcexC1 pic.twitter.com/PNZtA9ir2U
— Santiment (@santimentfeed) November 17, 2023
- Data suggest more than 1.5 million wallets of this cohort have sprung into existence in the past month.
- During the same period, the 1-100 tier has stabilized, and there might be some profit-taking activity within the 100+ BTC tier.
- Bitcoin wallets holding 1-100 BTC have lost 18 addresses over the past month alone. On the other hand, the 100+ BTC cohort has witnessed a reduction of 19 wallet addresses.
- Data also suggest that 80% of Bitcoin addresses are currently on profit. This uptrend in profitable Bitcoin addresses may act as a motivating factor for holders to contemplate divesting their funds and take advantage of the market conditions.
- While the profitability aspect could impact market dynamics and influence trading decisions among Bitcoin holders, the on-chain metrics remain bullish.
- Bitcoin transaction count, for one, was hovering near the recently established high of 703k, according to Bitinfocharts.
- Meanwhile, the average Bitcoin transaction fee spiked yet again to $18.67, a level last seen earlier in May this year during the Ordinals frenzy.
Read the full article here