Bitcoin Long-Term Holders Continue Accumulating Despite Market Volatility

• Bitcoin (BTC) long-term holders continue to accumulate despite the current market volatility.
• Blockchain analytics service Glassnode reveals that the amount of bitcoin supply last active ten years ago or more reached a new all-time high of 2,594,574.300 BTC on Dec. 30.
• The number of bitcoin addresses holding at least 100 BTC and 1 BTC also reached all-time highs of 16,133 and 978,000 respectively.

The recent market downturn has not deterred Bitcoin (BTC) long-term holders from accumulating the asset, on-chain data shows. Blockchain analytics service Glassnode reveals that the amount of bitcoin supply last active ten years ago or more reached a new all-time high of 2,594,574.300 BTC on Dec. 30, indicating that the accumulation is ongoing among big holders. This is further supported by the fact that the number of bitcoin addresses holding at least 100 BTC — worth 1.66 million as of press time — also reached a one-time high of 16,133 on the same day. Similarly, the number of bitcoin addresses holding at least 1 BTC — worth about $16,600 as of press time — also reached an all-time high of 978,000.

The data suggests that despite the recent market downturn, interest in bitcoin has not been critically damaged. This cannot be said about public trust in centralized exchanges (CEX). Trust in those service providers collapsed with the fall of the major crypto exchange FTX, as proved by the ongoing exodus of bitcoin off the CEXes. Glassnode charts show that over the 24 hours to press time on Dec. 30, $29.1 million worth of bitcoin left cryptocurrency exchanges alongside $56.4 million worth of Ethereum (ETH).

This news follows recent reports that major crypto assets continue to move reliably off of centralized cryptocurrency exchanges despite the service providers‘ best efforts to regain user trust after the fall of FTX. This is indicative of the fact that investors remain confident in the long-term potential of bitcoin and other major cryptocurrencies, and are not afraid to hold on to their assets despite the current market volatility.