On-chain statistics through February have suggested a positive sentiment towards Bitcoin, as addresses with a positive BTC balance have reached an all-time high.
What’s more, purses with a positive balance of BTC they are increasingly replenishing their coins. The amount of BTC supply in circulation last moved three to five years ago hit a four-year high of just over 2.8 million coinsaccording to data from the on-chain analysis company glass node.
#bitcoin $BTC Number of Non-Zero Addresses just reached an ATH of 40,276,163
Previous ATH of 40,275,801 was observed on 05 February 2022
View metric:https://t.co/VtoChZbLsa pic.twitter.com/hTnHlN9GeU
— glassnode alerts (@glassnodealerts) February 27, 2022
The number of addresses with a positive Bitcoin balance just hit an all-time high of 40,276,163. The previous all-time high of 40,275,801 was seen on February 05, 2022. See metric: https://t.co/VtoChZbLsa pic.twitter.com/hTnHlN9GeU
The number of addresses with a non-zero balance saw a strong increase throughout 2019 and 2020 until mid-2021, when growth appeared to have plateaued at about 35 million addresses. However, the growth of this metric has skyrocketed since the beginning of 2022, leading to a new all-time high of 40,276,163 according to Glassnode.
The BTC supply surge that was last active three to five years ago coincides with the peak of the last extended bull market in early 2018.
Among the addresses with a non-zero balance, Glassnode reported that 817,445 of them have at least one whole BTCa maximum of 10 months on February 28.
The supply side dynamics in Bitcoin have provided several noteworthy metrics this past month. FSInsight reported on February 9 that 75% of the BTC supply in circulation was illiquid because it had not moved for a long period of time. The report from the financial research firm described the situation as a “powder keg” that is ready to explode as soon as a moderate amount of BTC is bought on the market.
Political turmoil in Canada and Ukraine in February has also shown bitcoin’s ability to remain censorship-proof.. Some Canadians have embraced bitcoin to protect their funds from being frozen, while the Ukrainian government is accepting BTC donations as tensions escalate in the region.
BTC is currently trading at $37,827, down 45% from Nov. 10, when it hit $69,000according to CoinGecko.
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