July 2023 marked a significant point in Bitcoin’s history, with inactive Bitcoin supply reaching unprecedented levels. Glassnode’s analysis reveals BTC dormant for over one, three, and five-year durations hitting record highs.
Bitcoin Holding Patterns: An In-depth Look
CoinMarketCap’s analytics mirror these findings. Their data, which categorizes wallet addresses by holding duration, estimates that a staggering 69%—equating to 36.8 million addresses—have retained their BTC for over a year.
Recent on-chain data indicates an exciting trend: Bitcoin enthusiasts are accumulating. How? By the dwindling exchange holdings, now at annual lows, and the heightened percentage of dormant BTC.
CryptoQuant’s insights show a consistent decline in Bitcoin outflows from exchanges since July 2021. A mere 2 million BTC now remain in exchanges, a notable drop.
Major Exchange Analysis: BTC Holdings Breakdown
CoinGlass delves deeper into the distribution of circulating BTC across major centralized exchanges:
- OKX’s Unique Position: Unlike its peers, OKX stands out. Over the past month, it registered a significant BTC inflow of 4,630.
- Binance’s BTC Reservoir: Dominating the list, Binance boasts a balance of 543,281 BTC. However, a trend emerges—21,645 BTC were withdrawn in the recent 30 days.
- Coinbase Pro in Second Place: Commanding a balance of 435,530 BTC, Coinbase Pro follows Binance closely. Yet, it, too, saw a decrease, with 3,612 BTC moving out over the last month.
A Glimpse into Bitcoin’s Upcoming Milestones
2024 promises intriguing developments. The much-anticipated halving is on the horizon, and Bitcoin ETF approvals loom. However, these events don’t guarantee a BTC price surge. One thing’s certain: the market’s volatility is still ongoing.
Bitcoin’s ecosystem continues to evolve, with long-term holders growing and exchanges witnessing dynamic shifts. As we inch closer to 2024, these trends underscore the importance of careful analysis. It is paramount to look beyond mere news and speculation. The true value of Bitcoin has yet to be quantified.
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