• Bitcoin (BTC) long-term holders are not afraid of the current volatility.
• Blockchain analytics service Glassnode reveals that the amount of bitcoin supply last active ten years ago or more reached a new all-time high of 2,594,574.300 BTC on Dec. 30.
• Trust in centralized exchanges (CEX) has collapsed with the fall of the major crypto exchange FTX, as proved by the ongoing exodus of bitcoin off the CEXes.
Bitcoin (BTC) has always been the go-to asset for those looking to hedge against market volatility and the recent market downturn has only solidified that status. Despite the recent market volatility, Bitcoin long-term holders have not lost their grip and continue to accumulate the asset. This is evidenced by data from blockchain analytics service Glassnode, which shows that the amount of Bitcoin supply last active ten years ago or more reached a new all-time high of 2,594,574.300 BTC on Dec. 30.
On the same day, the number of bitcoin addresses holding at least 100 BTC — worth 1.66 million as of press time — also reached a one-time high of 16,133. This indicates that big holders are continuing to accumulate Bitcoin despite the market volatility. Additionally, the number of bitcoin addresses holding at least 1 BTC — worth about $16,600 as of press time — also reached an all-time high of 978,000. These metrics show that interest in Bitcoin has not been critically damaged despite the recent market downturn.
The same can not be said about public trust in centralized exchanges (CEX). Trust in those service providers collapsed with the fall of the major crypto exchange FTX, as proved by the ongoing exodus of bitcoin off the CEXes. Glassnode charts show that over the 24 hours to press time on Dec. 30, $29.1 million worth of bitcoin left cryptocurrency exchanges alongside $56.4 million worth of Ethereum (ETH). This is indicative of a continuing trend of users moving their crypto assets off of centralized cryptocurrency exchanges, despite the service providers’ best efforts to regain user trust after the fall of FTX.
These metrics show that Bitcoin long-term holders are not afraid of the current market volatility and are continuing to accumulate the asset as a hedge against market downturns. This is further confirmed by the exodus of users from centralized exchanges despite the service providers’ attempts to regain user trust. The data points to a growing trend of users preferring to hold their cryptoassets in their own wallets, rather than trusting centralized entities.