Major bitcoin wallets have started actively selling their holdings, and market performance is the most obvious reason
The number of large Bitcoin addresses on the network has reached a three-month low according to on-chain data provided by Glassnode analytical service. The value is currently at September 2021 levels.
Number of addresses containing more than 100 pieces
The number of unique addresses that hold 100 or more coins has dropped to October levels, indicating that the majority of the market is no longer willing to counter-trade the asset and join the bear market.
While we are currently observing low exchange inflows levels into Bitcoin, the volume of funds in USDT that the exchange is currently receiving stays relatively high compared to the period when Bitcoin was trading close to $60,000.
The metric tends to show almost complete correlation with Bitcoin’s price, as the number of wallets holding the asset is more likely tied to its performance, which has not been positive for the past few weeks.
Bitcoin drops even further
Due to increased selling pressure on Bitcoin, the asset has unfortunately dropped further, causing another cascade of long position liquidations. In addition to Bitcoin, large-capitalization altcoins have also dropped further, losing up to 50% of their values.
Bitcoin hit the price seen in July when the first correction since the 2018 decline appeared in the market. At press time, Bitcoin is trading at $33,300 and has lost 9% of its value in the past 24 hours.
