The Number of Bitcoin (BTC) Addresses With “No Zero Balance” Breaks a Record!

February Bitcoin (BTC) on-chain Despite the dips, positive sentiment remains for Bitcoin, as (on-chain) statistics reveal that the number of addresses with no zero balance, i.e. with very little Bitcoin in their account, has reached an all-time high.

In addition to this statistic, it has been determined that wallets tend to increase the amount of BTC they hold on a regular basis. According to data from on-chain analytics firm Glassnode, the circulating supply of BTC, which last experienced activity three to five years ago, has reached a four-year high of 2.8 million BTC.

The number of addresses with more than zero balances increased steeply from 2019 and 2020 until mid-2021, when growth stabilized at around 35 million addresses. However, the growth in this metric has spiked since the beginning of 2022. glassnodeIt reached a new high with the detection of 40,276,163 wallets, according to .

The spike in BTC supply, last active three to five years ago, coincides with the peak of the last extended bull market of early 2018.

Source: Glassnode

Glassnode reported that among addresses with a non-zero balance, 817,445 have at least one full BTC.

Supply-side dynamics in Bitcoin provided a few key metrics over the past month. FSInsight, in circulation on Feb. BTC supplyreported that 75% of the company was illiquid because it had not moved for a long time. The report by the financial research firm described the situation as a “powder keg” ready to explode as soon as a decent amount of BTC is purchased in the market.

Political turbulence in Canada and Ukraine in February shed more light on Bitcoin’s ability to remain unaffected by censorship. While some Canadians are moving their funds to Bitcoin to protect them from freezing, the Ukrainian government continues to accept BTC donations as tensions rise in the region.

BTC price is currently trading at $37,827, down about 45% from the November 10 ATH of $69,000 according to CoinGecko.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.

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