Wallet addresses with a balance of 10 or more BTC reached a new high since 2020.
- Bitcoin wallet addresses started to fatten as holders withdraw their coins and token from exchanges. This movement of assets is a result of the FTX fiasco and Binance FUD.
- Earlier today, bitcoin wallet addresses recorded a new high from 2 years ago. A total of 154,807 wallets now hold at least 10 BTC amounting to $25.9 billion at $16,733 a piece.
- According to glassnode’s data, there is no increase in newly created wallets. In turn, these holders are more likely long-time bitcoin owners. Furthermore, BTC wallet addresses that hold more than 100 BTC have increased dramatically and reached a 51-week high. Data strongly suggests that investors are now shifting to “self-custody” practices.
- Another narrative to look at is the market bottom. Historical data shows that when investors start to withdraw their assets from exchanges, they tend to prepare for the accumulation phase which shortly begins after a market bottom has been determined.
See Related: Bitcoin Exchange Reserves Hit New Lows
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