According to the most recent data from crypto analytics company Santiment, Bitcoin millionaire addresses now contain around 9.23 million coins, the highest level ever recorded. The overall BTC network activity has increased significantly in recent days.
Despite the recent increase in the price of the world’s largest digital currency, Bitcoin millionaire addresses owning 100 to 10,000 BTC are not selling their cryptocurrency assets. In fact, Bitcoin whales have raised their holdings dramatically in the last five days, adding nearly 100,000 BTC.
In terms of price movement, the world’s most valuable cryptocurrency has had a huge increase in the last three weeks. After reaching a low of almost $29,000 on July 20, Bitcoin surpassed the $45,000 price threshold on August 8. Bitcoin is currently trading around $43,000, with a market worth of almost $820 billion. BTC has a 46.5 percent market dominance in the cryptocurrency sector.
Aside from the most recent acquisition by major BTC holders, the aggregate spending of old coins has not increased. “Despite a robust recovery to $45k, the Bitcoin market has yet to see a big increase in the spending of old coins. This is extremely different from the 2018 bear market, when old players seized exit liquidity on most relief rallies,” said Glassnode, a crypto data provider.
According to the most recent Glassnode data, Bitcoin holders are still unwilling to spend the world’s largest cryptocurrency, which is a bullish indicator for BTC. Glassnode reported a 30% rise in overall BTC address activity last week, owing primarily to the recent increase in the entire market cap of digital currencies. The overall market capitalization of cryptocurrency assets is currently around $1.75 trillion..