Bitcoin price soaring as whales take control

The world’s first cryptocurrency Bitcoin (BTC) has seen a significant price increase over the past 24 hours and on-chain fundamentals show that long-term coin holders are still holding onto their coins.

Bitcoin price as of press time is at $22,230 after a 2.9% increase in the past 24 hours from $21,620.

The price increase comes as the seven-day moving average of average on-chain transaction volume hit a five-year high of $1,145, according to Glassnode data.

The average on-chain transaction value has been significantly increased by the number of whale transactions, which amounted to more than $200 million sent this week.

One such transaction moved over $304 million from multiple addresses to an unknown wallet simultaneously on February 11th. Another good example of the February 8th transaction was the transfer of $206 million from one unknown wallet to another.

Long-term holders of bitcoin are also increasingly hoarding coins, with the amount of bitcoin that has not been moved for at least 10 years reaching a new all-time high of 2,634,631 BTC earlier today, according to Glassnode data.

The same data source also reveals that the percentage of bitcoin that hasn’t been moved for at least two years has just reached a new all-time high of 49.863% – meaning that nearly half of all bitcoins have been held for at least two years.

The findings come on the heels of a recent report that non-zero Bitcoin wallet addresses hit 44 million after the launch of Bitcoin Ordinals, an all-time high.