The price of bitcoin has shot up as high as 90% since it witnessed a massive sell-off, and since the beginning of this week, it has traded above the $7,000 mark. Just like the increase in price, the number of wallets holding small amounts of the digital asset had increased drastically since the price went an all-time low when it traded at $3,850 on March 12.
The total number of wallets that are holding one-billionth and one-millionth of the total BTC supply has increased by a staggering 6% across the last 90 days. This period also saw wallets holding one hundred millionth and one ten-millionth of the total bitcoin supply increase by 4%. Both of these addresses had noticeable growths in their rate, which started around March 12, and it suggests that users are getting interested in the coin and have started acquiring it.
Interestingly, the whales recorded a massive increase that has not been witnessed since the market top in 2017, and as at this present moment, 1,838 individual wallets hold up to 1,000 BTC. The level was threatened when it dropped as low as 1,600 in March. After that, it went on a surge at an increasing pace and has been so up till this moment.
Another surge noticed is the remaining amount of Bitcoin, with 3.96 million BTC out of a total circulating supply of 18.3 million, which is arguably over 21% of the total quantity of bitcoin. It has been noticed that the coins have not been moved in the last five years with suggestions stating that the holders might be hoarding them for the long term.
Asides the HODlers being seemingly confident in the performance of the digital currency, the new traders are using this fall in price to get more assets as against its next rise. As reported, exchange platforms have noticed a surge in their daily trade volume following the crypto carnage. While these platforms have been enjoying the recent upward trend, platforms like CME and Bakkt recorded a massive downward trend in the market recently.
As the price of bitcoin is looking to make a come back in April, the volumes are also increasing at a steady pace. “Trading activity at the CME seems to be increasing with open interest up 50% since the start of the month,” Skew Market noted.
Meanwhile, Bitcoin Options are currently in a downward trend after their assets moved from $294 million on March 12 to $65 million on April 7. “Large weekly expiry tomorrow with 11k bitcoin options dropping off,” Skew further noted.
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