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
— glassnode alerts (@glassnodealerts) April 11, 2020
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
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
— glassnode alerts (@glassnodealerts) April 11, 2020
Previous ATH of 803,319.000 was observed on 10 April 2020
View metric:https://t.co/s7tx1xxyz3 pic.twitter.com/0AKwO9uD8G
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
— glassnode alerts (@glassnodealerts) April 11, 2020
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
Alex Dovbnya
Denys Serhiichuk