3 numbers important to bitcoin price today

Last Updated: 7 September 2022

With the bitcoin on-chain update, we are selecting what is happening on BTC’s blockchain. A few charts from Glassnode tell what is currently going on.

1. Number of addresses with at least 0.1 bitcoin

Figures from Glassnode show that the number of addresses holding at least 0.1 bitcoin has reached a new high. That translates to ~$2,000 per address.

The total number of addresses is ~3.8 million. In 2016, the milestone of 1 million addresses was broken and during the hype of late 2020, the 3 million mark was reached.

It is difficult to explain: superficially, this is a signal of more adoption, because more addresses with a bit of bitcoin. But it could also mean that long-term holders are spreading their bitcoin across many more addresses to enjoy more financial privacy. It is now relatively cheap to do on-chain transactions because the network is not crowded, with an average transaction price of 1 sat per byte (see mempool.space).

2. Losing

With the share price falling, it is quite logical that the number of addresses in the red is also rising. The number of loss-making addresses is at a new high of over 19.2 million addresses, according to this alert from Glassnode.

3. Exchange inflow

Looking at the inflow to exchanges, there is a record of almost 1.5 million btc sent to exchanges. That record is based on the seven-day inbound volume to exchange wallets that Glassnode has in its database.These are estimates, but based on algorithmic techniques they are able to determine fairly accurately which wallets an exchange is hiding. During the price plunge in the month of June this year, there was logically a record amount of bitcoin that found its way to the exchanges. You have to send your btc to an exchange to be able to sell it. Brokers using api’s from exchanges are included in this wallet data.

 

Author

  • I first came into contact with Bitcoin in 2017 - and since then, the topic of cryptocurrencies has never left me. For this reason, I have also made BTC & Co. part of my profession and write as a freelance author for crypto publications.

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