Unlike The Price of Bitcoin, These Fundamentals Already Hit New All-Time Highs
Bitcoin is having its moment, as the price of the digital asset rallies above $13,000. Yesterday, BTC price almost broke the 2019 high; on Bitfinex, it actually made a new 34 month high.
We are still 36% away from hitting a new all-time high, but we are only six months into Bitcoin third halving, while historically, it has been within 1.5 years of each previous halving that the price hit a local peak.
The number of addresses with at least $100 worth of Bitcoin hit a new all-time high of 9.74 million last week. Similarly, addresses with $10 worth of BTC have hit a new ATH of 17.6 million, and a new high of 3.6 million addresses also have $1000 worth of BTC. While a single person or entity can control multiple addresses,
“the trend suggests that the amount of BTC holders is increasing, which is a positive signal for BTC’s long-term adoption.”
Also, the number of addresses with a holding period of fewer than 30 days reached a new record, indicating “new money is flowing into Bitcoin.” IntoTheBlock noted,
“The “traders” in October sums 3.38 million addresses that in aggregate hold 1.94 million BTC.”
Never has the percentage of BTC supply held for at least one year higher than the current 62.5%. This is bullish for the digital asset, especially because it peaked historically when the price was at local lows.
Meanwhile, BTC’s velocity, which measures the number of times an average unit of supply has been transferred in the last year, is at its lowest since 2011. Coin Metrics stated,
“A decreasing velocity suggests BTC is trending towards being used as a store of value as opposed to a medium of exchange.”
Amidst this, bitcoin supply is increasingly moving off of centralized exchanges, which could signal more and more investors want to custody their own BTC.
Other factors making records involve Tether recording its largest on-chain volume ever as a total of $15.1 billion USDT moved on Monday in 235.34k transactions.
Bitcoin subreddit that started 2020 with 1.1 million members has now also reached 1.7 million.