• Bitcoin (BTC) long-term holders are not afraid of the current volatility, as evidenced by the all-time high of 2,594,574.300 BTC held last active ten years ago or more.
• The number of bitcoin addresses holding at least 100 BTC and 1 BTC also reached all-time highs of 16,133 and 978,000 respectively.
• However, distrust towards centralized crypto service providers continues to drive bitcoin off exchanges, with $29.1 million worth of bitcoin leaving cryptocurrency exchanges within 24 hours to press time on Dec. 30.
The current volatile state of the cryptocurrency market has not been enough to deter Bitcoin (BTC) long-term holders from their investment, with the amount of bitcoin supply last active ten years ago or more reaching a new all-time high of 2,594,574.300 BTC on Dec. 30. This is according to blockchain analytics service Glassnode, which also revealed that the number of bitcoin addresses holding at least 100 BTC — worth 1.66 million as of press time — also reached a one-time high of 16,133.
These metrics demonstrate that the interest in bitcoin remains strong despite the recent market downturn, with big holders continuing to accumulate the asset. Furthermore, the number of bitcoin addresses holding at least 1 BTC — worth about $16,600 as of press time — also reached an all-time high of 978,000.
However, it appears that public trust in centralized exchanges (CEX) is still weak, which is driving bitcoin off exchanges. This is evidenced by the ongoing exodus of bitcoin from CEXes, with Glassnode charts showing that over the 24 hours to press time on Dec. 30, $29.1 million worth of bitcoin left cryptocurrency exchanges alongside $56.4 million worth of Ethereum (ETH).
The distrust of centralized crypto service providers follows the fall of major crypto exchange FTX, which led to a collapse in public trust. Despite the service providers’ best efforts to regain user trust, it appears that the move has not been successful, as more and more users are opting to store their cryptocurrencies in wallets, rather than relying on centralized exchanges.
In conclusion, it appears that Bitcoin long-term holders are still confident in their investments, despite the current market volatility. This is evidenced by the all-time highs reached in the amount of bitcoin supply last active ten years ago or more, and the number of bitcoin addresses holding at least 100 BTC and 1 BTC. However, distrust towards centralized crypto service providers continues to drive bitcoin off exchanges, as more and more users are opting to store their cryptocurrencies in wallets rather than relying on centralized exchanges.
