The first cryptocurrency, Bitcoin, is currently showing conflicting market signals, according to the most recent information from Glassnode. The analytics company notes that while the number of addresses holding lower Bitcoin balances is at an all-time high, addresses with losses have hit a one-month high.
#In a groundbreaking development for the cryptocurrency community, a historic event took place with the first-ever cross-chain atomic swap between the #Bitcoin SV (BSV) blockchain and the #Bitcoin Core (BTC) blockchain. pic.twitter.com/sQvSfGQSsB
— Tonio 🍖🍖🍖🍖 (@toniobolastig) August 3, 2023
The divergent patterns give an intriguing picture of the current condition of the Bitcoin market, further igniting discussions on the course that this virtual commodity will take in the future.
BTC Addresses In Loss Reaches New Heights
The number of Bitcoin addresses in loss (seven-day Moving Average) has reached about 14.043 billion, hitting a new one-month high, according to Glassnode’s analysis published earlier today. This surpasses the prior peak, which was 14.041 billion on July 31, 2023.
Wallets Holding At Least 0.1 #Bitcoin Reaches New Highs, But More Than 50% #BTC Addresses In Loss Since March 2020 https://t.co/V7pWJEdT8I
— Crypto News Aggregator 🚀 (@CryptoDubai912) May 10, 2022
This pattern suggests that some investors who purchased bitcoin at higher prices are now losing money as a result of recent price changes.
It’s crucial to keep in mind that these losses are merely ‘unrealized’ and will only become real if the Bitcoin is sold. While a High Number of Loss Addresses May At First Signal Negativity, They Can Also Indicate Potential Price Recovery As These Addresses May Be Waiting For Prices To Recover.
Bitcoin Addresses With Smaller Holdings On The Rise
Glassnode reveals that the number of Bitcoin addresses containing 0.01+ coins has reached a new all-time high (ATH) of 12.2 million, in contrast to the rising number of addresses that have been lost. This implies a wider distribution of Bitcoin among retail investors, which may be a sign of the cryptocurrency’s growing popularity and adoption.
Bitcoin addresses with 100 or more bitcoin have declined since January but addresses with smaller holdings are way up. Interesting piece from @LionelRALaurent https://t.co/JIDtDe7cBB pic.twitter.com/1PxslvkQff
— Kyle Torpey (@kyletorpey) December 21, 2017
The trade volume was $10 billion last week. However, this volume underwent a jump, reaching a high of $13 billion in just the last 24 hours, in sharp contrast to the price trend. This indicates more market activity despite the declining price of Bitcoin.