Bitcoin (BTC) Active Supply Hits New All-Time High in 3 Years

With the third Bitcoin halving expected on May 12, making it almost exactly a month ahead, some Bitcoin holders have started moving their funds – this is clear from the recent data from the Glassnode agency.

People are moving their BTC but reluctantly

The most recent tweet states that the active Bitcoin supply within the last two-three years has reached a new all-time high of 2,774,058. It seems that the active BTC supply has been making a very tiny increase, though, (the previous ATH is less than 1,000 BTC smaller) since there are a lot of people who are expecting the price of Bitcoin to skyrocket within a year or two after miners see their rewards cut by half.

The previous all-time high, the agency data says, was recorded on April 10.

? #Bitcoin $BTC Active Supply 2y-3y (1d MA) just reached a 3-year high of 2,774,058.143

Previous 3-year high of 2,773,962.212 was observed on 10 April 2020

View metric:https://t.co/ov1FrjgNQz pic.twitter.com/4B45O9i70N

— glassnode alerts (@glassnodealerts) April 11, 2020

People are buying more Bitcoin

The same agency has reported that the amount of crypto wallets holding more than one BTC has risen to a new all-time high. Now the ATH totals 803,335.000.

? #Bitcoin $BTC Number of Addresses holding 1+ coins just reached an ATH of 803,335.000

Previous ATH of 803,319.000 was observed on 10 April 2020

View metric:https://t.co/s7tx1xxyz3 pic.twitter.com/0AKwO9uD8G

— glassnode alerts (@glassnodealerts) April 11, 2020

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Users withdrawing their BTC from exchanges

Glassnode also shares data about the amount of Bitcoin stored on crypto exchanges. The popular saying goes – ‘not your keys – not your Bitcoin’. It seems that ahead of the halving, more people are following this advice now.

As per the data shared by Glassnode, BTC balances on exchanges have hit a new low in half-a-year - 2,231,259.713 BTC. A similar value on April 5 was a little higher - 2,236,484.277 BTC.

? #Bitcoin $BTC Balance on Exchanges just reached a 6-month low of 2,231,259.713 BTC

Previous 6-month low of 2,236,484.277 BTC was observed on 05 April 2020

View metric:https://t.co/9vOOAmwh32 pic.twitter.com/bM8EvUoLuK

— glassnode alerts (@glassnodealerts) April 11, 2020