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Number of Institutional Bitcoin Wallets with 100-1,000 Coins Resumes Growth: Glassnode

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Sat, 05/08/2021 - 09:52
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Yuri Molchan
Data from Glassnode shows that number of Bitcoin wallets held by financial institutions has resumed growing
Number of Institutional Bitcoin Wallets with 100-1,000 Coins Resumes Growth: Glassnode
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Analytics chart provided by data aggregator Glassnode popular with the crypto community shows that the Bitcoin supply stored in 100-1,000 wallet range is going up again.

Institutions are grabbing more Bitcoin

Glassnode chart shared by the CIO of Moskovski Capital shows that Bitcoin wallets holding from 100 to 1,000 BTC are again increasing in number after plunging slightly back in April.

Lex Moskovski explains that the 100-1,000 range of Bitcoin wallets demonstrates financial institutions using a specific protocol for storing funds on custodial platforms, like Coinbase, BitGo which has recently been purchased by Galaxy Digital, etc.

Lex also specifies that Coinbase stores funds in its custody wallets splitting them to 100-120 Bitcoin lumps. He believes this is resumption of growth is bullish news for Bitcoin.

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Earlier, U.Today covered an unprecedented amount of Bitcoin – 12,234 BTC – had been withdrawn from the Coinbase exchange, and the transaction was likely made by institutions.

That amount of Bitcoins was worth a whopping $688.3 million.

Related
12,354 Bitcoin Moved from Coinbase In One Hour, Possibly By Institutions: Glassnode

Active Bitcoin addresses hit a 3-month high

According to a recent tweet published by Glassnode, the number of active Bitcoin addresses (seven-day MA) has increased to reach a three-month high – 65,659.

The previous similar high was detected on February 9 this year and it totalled 65,525.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.