Rapid Increase in Bitcoin Holders During Market Recovery
Investors are flocking to Bitcoin (BTC) amid a perceived recovery drive. BTC addresses containing at least 0.01 coins recently reached an all-time high of 11.66 million. The total number of addresses has also increased to 45.14 million.
On-chain intelligence resource Glassnode recently caught public attention on the bullish development, sharing a metric confirmation scheme. The graph reveals a gradual rise in BTC addresses containing at least 0.01 coins. This spike becomes more pronounced in late 2022.
Along with these smallholders, the number of BTC addresses containing at least 0.1 coins has also increased, rising to 4.26 million, per data from Messari. In addition, addresses containing at least 1 BTC have increased to 987,812 at the time of reporting.
Furthermore, Santiment has recently drawn attention to this rapid growth in bitcoin addresses. According to behavior analytics resource, the total number of BTC addresses is currently 45.14 million, having increased by 1.71 million since mid-January, which represents a rapid growth of 3.95% over a short period. Momentum picked up after BTC’s recent rally above $26,000.
Coinbase’s institutional activity spurred bitcoin’s rally
According to a recent analysis by CryptoQuant, institutional activity on Coinbase has been identified as one of the important factors behind Bitcoin’s recent rally, which eventually led to a breakout above the $26,000 mark.
According to the Coinbase Premium Index, there appears to be a significant increase in buying activity among institutional investors in the United States. CryptoQuant’s analysis indicates that major institutions engaged in significant BTC buying activity on March 11th and 12th, leading to a significant increase in BTC accumulation.
However, these accumulated BTC tokens are currently moving out of Coinbase, which reduces the exchange’s BTC reserves. This is in direct contrast to the pattern observed on other exchanges, such as Binance and KuCoin, which continue to see a steady increase in BTC flows.
Meanwhile, since hitting a 9-month high of $26,386 on March 14, BTC has been struggling to reclaim and hold over $25,000 after the ensuing correction. The asset fell 1.56% yesterday, snapping a 3-day winning streak. Despite this, it is holding on to its 13.86% gains in the past week and is currently trading at $24,868.
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