- Bitcoin has risen by over 2% in the last 24 hours, trading at $27,110 at the time of writing. The asset’s market value has exceeded $528 billion for the first time since August 30th.
- According to Santiment, the total Bitcoin supply on exchanges has dropped to 1.15 million tokens, indicating signs of increased self-custody after continuously decreasing since September 7th.
- Data provided by Glassnode shows that the number of new Bitcoin addresses for both buyers and recipients has reached 40,475 and 26,808, respectively. These figures are the highest in the last 5 years.
COINOTAG detailed investors’ movements by examining on-chain metrics on Bitcoin; While whale transactions are declining!
Analyzing On-Chain Metrics for Bitcoin
Bitcoin’s price gained momentum after a deep drop to around $25,000 on September 12th. On-chain metrics show significant increases for this leading cryptocurrency under uncertain market conditions.
Bitcoin has risen by over 2% in the last 24 hours, trading at $27,110 at the time of writing. The asset’s market value has exceeded $528 billion for the first time since August 30th. The 24-hour trading volume has surpassed $10.3 billion.
According to data from data analytics firm Santiment, BTC whale transactions have decreased by around 10%. However, with a high transaction volume, currently at 4,188 transfers, this may indicate that smaller investors rather than whales and sharks are initiating the recent bullish momentum.
Furthermore, Santiment reports that the total Bitcoin supply on exchanges has dropped to 1.15 million tokens, indicating signs of increased self-custody after continuously decreasing since September 7th. Such a trend could signal strengthening bullish sentiment.
As mentioned earlier, a decrease in whale transfers leads to less whale activity and reduces potential selling pressure in Bitcoin. Data also shows that, on average, a single Bitcoin has changed addresses 3.2 times in the last 24 hours.
Significant Activity in Bitcoin Addresses
Data provided by Glassnode shows that the number of new Bitcoin addresses for both buyers and recipients has reached 40,475 and 26,808, respectively. These figures are the highest in the last 5 years. Such a trend was last seen during the 2021 bull run when BTC reached an all-time high price of $69,000.
In the current scenario, it’s possible to suggest that Bitcoin’s price may revive. According to the correlation between Bitcoin price and this metric, Bitcoin’s price could soon experience an upward movement. Historical data shows that BTC prices have fallen when this metric has dropped or remained flat.
Additionally, Glassnode has shared that the number of new addresses in Bitcoin (7-day Moving Average) is at its highest level in the last 5 years. Similar to the previous data, this level was last seen in 2021 when the price hit a record high. The concurrent increase in these two metrics to five-year highs indicates growing bullish sentiment for Bitcoin.
