Despite the recent correction in the crypto market, the total number of bitcoin kits has increased significantly over the past few months. On August 18, the number of BTC addresses with a balance of at least 10 coins reached 149,961, the highest level since February 2021.
In addition to the surge in large BTC addresses, the number of bitcoins, which was last active about 10 years ago, reached an all-time high on Thursday. According to analytics platform Glassnode, more than 2.5 million coins were last active in 2012.
The 1+ year active supply is now just below the previous ATH, set in May 2022 at 65%…
The equilibrium over the past three months indicates that coin mining is in balance with spending. This could be considered the constructive mechanics of a bear market,” Glassnode noted.
Glassnode data also shows that the total number of addresses with at least one bitcoin reached an all-time high of 896,735 on August 18. This number has increased significantly since the beginning of 2021. Another trend that emerged during the recent market correction was the steady outflow of cryptocurrency from leading digital exchanges to cold wallets.
Since the beginning of the year, cryptocurrency outflows have continued with increasing intensity as prices have fallen. This underscores the steady structural demand from both small and large investors for self-storage assets.
Overall, exchanges have recorded a net outflow of -100,000 BTC since LUNA capitulated in May 2022, representing 3.2% of the total outflow since ATH in March 2020.