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Investors are trooping into bitcoin (BTC) amid a perceived recovery campaign. BTC addresses holding at least 0.01 coins recently hit an all-time high value of 11.66 million. The total number of addresses has also increased to 45.14 million.
On-chain intelligence resource Glassnode recently called public attention to the bullish development, sharing a chart to corroborate the metric. The chart reveals a gradual uptick in BTC addresses holding at least 0.01 coins. This uptick became even more apparent in late 2022.
đ #Bitcoin $BTC Number of Addresses Holding 0.01+ Coins just reached an ATH of 11,663,315
â glassnode alerts (@glassnodealerts) March 16, 2023
Previous ATH of 11,663,064 was observed on 13 March 2023
View metric:https://t.co/oyguxpaA2y pic.twitter.com/N8Wrl5k9HQ
Besides these smallholders, the number of BTC addresses holding at least 0.1 coins has also increased, surging to a high of 4.26 million, per data from Messari. In addition, addresses holding at least 1 BTC have increased to 987,812 at the time of reporting.
Moreover, Santiment recently called attention to this rapid growth in bitcoin addresses. According to the behavior analytics resource, the total number of BTC addresses currently sits at 45.14 million, having increased by a massive 1.71 million since mid-January, marking a rapid 3.95% growth within a short window. The momentum has increased after BTCâs recent surge above $26,000.
đ #Bitcoin's rate of network growth is prospering right now, even with the unpredictable volatility in #crypto markets right now. In the past 2 months, the total amount of $BTC addresses has grown by 1.71M, a 3.95% increase in a relatively short period.đ https://t.co/Q0dGZy67Lx pic.twitter.com/cHkCHR5z9j
â Santiment (@santimentfeed) March 15, 2023
Coinbaseâs institutional activity catalyzed bitcoinâs rally
According to a recent analysis by CryptoQuant, institutional activity on Coinbase has been identified as one of the significant factors behind the recent bitcoin rally, ultimately leading to a breakthrough above the $26,000 mark.
#Bitcoin reserves on exchanges continue to increase, except on Coinbase.
â CryptoQuant.com (@cryptoquant_com) March 16, 2023
"Institutional activity on Coinbase was one of the main catalysts for the $25k breakout."
by @caueconomy
Linkđhttps://t.co/Yy4xkLtNad
According to the Coinbase Premium Index, there appears to be a substantial surge in purchasing activity among institutional investors in the United States. The CryptoQuant analysis suggests that major institutions engaged in a significant BTC buying activity on March 11 and 12, resulting in a noticeable uptick in BTC accumulation.
Notwithstanding, these accumulated BTC tokens are currently moving out of Coinbase, decreasing the exchangeâs BTC reserves. This is in direct contrast to the pattern observed in other exchanges, such as Binance and KuCoin, which are still witnessing a continuous increase in BTC inflows.
Meanwhile, since hitting the 9-month high of $26,386 on March 14, BTC has been struggling to reclaim and hold above $25,000 following the correction that ensued. The asset declined by 1.56% yesterday, breaking a 3-day winning streak. Despite this, it maintains a 13.86% gain in the past week, currently changing hands at $24,868.
