The number of Bitcoin $BTC addresses in profit just reached an all-time high of 26,054,215. According to data obtained from Glassnode, the previous all-time high of 26,041,525.333 was observed on January 7, 2018.
📈 #Bitcoin $BTC Addresses in Profit (1d MA) just reached an ATH of 26,054,215
Previous ATH of 26,041,525.333 was observed on 07 January 2018
View metric:https://t.co/xFJVXsDe7d pic.twitter.com/LGcHICbVso
— glassnode alerts (@glassnodealerts) July 26, 2020
With more people looking to trade Bitcoins which, by the way, are becoming quite scarce due to the recent halving, Bitcoins moving from the investment bucket into the trading bucket could become a crucial source of liquidity. However, one would expect that this can only happen if Bitcoin’s price rises to a level at which long-term investors are willing to sell.
READ ALSO: Unknown Bitcoin Whale transfers $2.2 billion worth of BTCs
In addition, Chainalysis, a leading crypto analytic firm, explained activities in the BTC market for last month. The report said:
“As of June 2020, roughly 18.6 million Bitcoin has been mined. We break that 18.6 million Bitcoin down into three buckets based on its movements to date.
“Roughly 60% of that Bitcoin is held by entities — either people or businesses — that have never sold more than 25% of Bitcoin they’ve ever received, and have often held on to that Bitcoin for many years, which we label as Bitcoin held for long-term investment.”
READ ALSO: Satoshi Nakamoto’s unspent BTCs worth $10.9 billion
Quick fact: The smallest amount of Bitcoin is known as Satoshi, which is 0.00000001 Bitcoins. However, since this number is so little, you cannot actually buy 1 Satoshi on any crypto exchange. On FTX, for example, the minimum amount you can purchase starts from 2 dollars.
Backstory: The momentum in the BTC market has been gathering at a steady pace, since a report released by America’s most valuable bank, JP Morgan Chase, showed BTC as a store of value asset.
READ ALSO: BTC whale moves 10,250 BTC valued at $95,000,000
“Though the [bitcoin] bubble collapsed as dramatically as it inflated, bitcoin has rarely traded below the cost of production, including the very disorderly conditions that prevailed in March,” said JPMorgan experts in a report led by the head of U.S. interest rate derivatives strategy, Joshua Younger and cross-asset research analyst, Nikolaos Panigirtzoglou.