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Brief Insights into Bitcoin Trends and Holdings

Martin Walker
Sep 20, 2023 at 11:03 am

On-chain statistics strongly indicate a notable trend for Bitcoin (BTC) price, currently standing at a diminished figure of $27,057. Remarkably, there has been an increase in the accumulation of BTC by its holders, a significant shift evidenced by a decline in holdings on exchanges, reaching the lowest levels in a year. Moreover, the proportion of inactive BTC supply has surged to an all-time high.

As illustrated by Glassnode's Bitcoin supply analysis, the portion of inactive BTC, residing in addresses that have witnessed no movement for durations extending beyond one, three, and five years, has steadily climbed, reaching unprecedented levels since the onset of July 2023.

These crucial insights find resonance in Bitcoin analytics provided by CoinMarketCap, where wallet addresses are meticulously tracked based on their tenure of BTC holding. Remarkably, an estimated 69% of addresses, totaling a substantial 36.8 million, have clung onto their BTC for over a year.

Analysis of Bitcoin data sourced from CoinMarketCapAnalysis of Bitcoin data sourced from CoinMarketCap 

Adding depth to this narrative, CryptoQuant charts corroborate a consistent decline in Bitcoin outflows from exchanges, a trend that initiated in July 2021. Presently, just slightly over 2 million BTC remain within exchange platforms.

Bitcoin holdings on exchanges. Source: CryptoQuantBitcoin holdings on exchanges. Source: CryptoQuant 

A comprehensive view is presented by the CoinGlass Bitcoin tracker, which meticulously dissects the circulating BTC held within major centralized exchanges. 

Bitcoin balances within cryptocurrency exchanges. Source: CoinGlassBitcoin balances within cryptocurrency exchanges. Source: CoinGlass 

Leading the chart is Binance, boasting an impressive 543,281 BTC on its balance sheets. However, it's worth noting a substantial ebb in Bitcoin holdings over the past month, with 21,645 BTC withdrawn in the recent month.

Following closely is Coinbase Pro, amassing a BTC balance of 435,530, securing the second spot. This US-based exchange has also witnessed a notable reduction of 3,612 BTC from its platform over the preceding 30 days.

Intriguingly, OKX emerges as a unique player within the top 10 exchanges, experiencing a significant influx of Bitcoin over the past month, totaling 4,630 BTC moved onto their platform.

Market observers and analysts have painted a rosy picture, envisioning lofty potential values for Bitcoin, particularly anticipating a pivotal event—the highly awaited mining reward halving, scheduled for 2024.

You might also like: Bitcoin Surpasses $27,000: Fed Expected to Prolong Rate Pause a Week After Death Cross Formation

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