3 figures that are important for the bitcoin price today

3 figures that are important for the bitcoin price today
3 figures that are important for the bitcoin price today

With the bitcoin on-chain update, we make a selection of what happens on the BTC blockchain. A few graphs from Glassnode tell you what’s going on right now.

1. Number of addresses with at least 0.1 bitcoin

Figures from Glassnode show that the number of addresses with at least 0.1 bitcoin on them has reached a new high. That translates to ~$2,000 per address.

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This concerns a total of ~3.8 million addresses. In 2016, the milestone of 1 million addresses was broken and during the hype at the end of 2020, the 3 million limit was reached.

It is difficult to explain: superficially this is a signal of more adoption, because more addresses with a little bit of bitcoin. But it could also mean that long-term holders distribute their bitcoin among many more addresses to enjoy more financial privacy. It is now relatively cheap to do on-chain transactions because the network is not busy, with an average transaction price of 1 sat per byte (see mempool.space).

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2. Loss-making

Now that the price is falling, it is quite logical that the number of addresses in the red also rises. The number of loss-making addresses is at a new high of more than 19.2 million addresses, according to the report

to make up.

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3. Exchange inflow

If we look at the influx to exchanges, there is a record of almost 1.5 million btc that has been sent to exchanges. That record is based on the seven-day inbound volume to exchange wallets that Glassnode has in its database.

These are estimates, but based on algorithmic techniques, it is possible to determine fairly accurately which wallets an exchange is hiding. Logically, during the price plunge in the month of June this year, there was a record of bitcoin making its way onto the stock exchanges. You have to send your btc to an exchange to be able to sell it. Brokers using exchange APIs are included in this wallet data.

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The article is in Dutch

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