More and more bitcoins are pouring out of older wallets. The number of addresses that store 100 BTC reached a six-month high.
According to statistics shown by Glassnode, more and more bitcoins are coming out of older wallets. On this, some Twitter users suggest that these holdlers probably took a small amount of bitcoin and using it as collateral for other operations such as the renewal of mining equipment. They would look like sales, but they are not.
What Glassnode’s dormancy chart suggests is that the hodlers of yesteryear are selling their funds possibly out of fear of lower prices. The funny thing is that these “old holdlers” do not tend to succumb to market fluctuations, as they are faithful to bitcoin and differ from others who dump their funds at the first sign of problems.
Possibly, what is happening may be a sign that a new generation of bitcoin holders is coming. If so, what we are seeing on the Glassnode chart are movements that indicate that they found new formulas to increase their profits. Another possibility is that old hodlers are migrating their address coins.
A quite similar movement is taking place in the Ethereum network, where a massive amount of Ether is moving from centralized exchanges and wallets to the smart contracts of DeFi platforms. Some alternatives recently emerged that allow bitcoin hodlers to enter the DeFi territory of Ethereum.
Addresses with more than 100 bitcoins increase
Other data from Glassnode feeds the theory that the bitcoin ecosystem would face the presence of the birth of a new generation of hodlers. According to their numbers, the number of addresses that store more than 100 BTC increased to 16,159, reaching a maximum in six months. The last time they recorded a record like that was on June 8, when there were 16,158.
Despite the increase that shows the data, the current number of addresses that accumulate more than 100 bitcoins is below the maximum of this year, which, according to Glassnode, would be 16,300. The firm’s data also records that the historical maximum in February 2017 reached a total of 18,543. The current figure represents 12.86% less than the historical maximum.
Retail and business operators of bitcoin continue to accumulate cryptocurrencies, but the safeguard is increasingly conducted outside exchanges or exchange houses. For Willy Woo this is a sign that “new buyers are coming in to take coins out of the markets and move them to cold storage hodl, we are seeing new holders at this time,” he explained on Twitter.
By: Jenson Nuñez.
