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BTC Active Supply 3y-5y Hits 22-Month High, While Number of Active Wallets Is Down 16.1%

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Mon, 28/09/2020 - 9:53
BTC Active Supply 3y-5y Hits 22-Month High, While Number of Active Wallets Is Down 16.1%
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Glassnode analytics data provider noted that certain Bitcoin on-chain fundamentals have improved, showing that some users prefer to hold their BTC rather than move it around, trade it or pay with it.

Meanwhile, the CEO of Microstrategy has shared four key factors allowing for Bitcoin's success.

BTC active supply hits 22-month high, but active BTC wallets in decline

In its recent tweets, Glassnode analytics firm has shared a chart showing that Bitcoin's active supply 3y-5y (1-day MA) has hit a 22-month high and now totals 1,698,155.367 BTC.

BTC
Image via Twitter

However, the same data provider reported that the amount of active Bitcoin wallets (2-day MA) has faced a substantial decline over the past twenty-four hours.

At the time of writing, this metric's value is down 16.1 percent and totals 48,566.375.

Now that Bitcoin has been above the $10,000 level for a significant amount of time compared to the past, this could be indicative of users preferring to hold their Bitcoin and use it as a store of value rather than as a means of settlement or a trading asset.

However, Bitcoin keeps shaking off the so-called weak hands as the number of wallets with one or more Bitcoin has dropped to a five-month low, now totaling 807,579.

The previous value of this metric amounted to 808,203 on Sept. 26; thus, within two days, the amount of BTC wallets thinned by over a thousand Bitcoin addresses.

Related
Trading Legend Peter Brandt Shares His Thoughts on Bitcoin’s Use Cases

Four key factors in Bitcoin's success, per Michael Saylor

Last week, the chief executive of Microstrategy, who has recently spent $425 mln on Bitcoin (acquiring it in two parts), shared an opinion unpopular among the communitybut quite popular among traders and hedge fund managersthat Bitcoin does not have to be a means of settlement.

Michael Saylor believes that being a store of value (SoV) is quite enough for Bitcoin. However, on Sunday, he took to Twitter to share four key factors that may help BTC to succeed.

All of them have to do with Bitcoin being a perfect store-of-value, and Saylor emphasizes this.

The success of Bitcoin will be a function of Adoption (as Hodlers invest their assets in BTC as a SoV), Utility (as technology makes it harder, smarter, faster, & stronger money), Productivity (as Hodlers invest their free cash flows), & Inflation (of competing assets for SoV).

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