Bitcoin ‘plankton’ wallets hit record — plus 4 more bullish BTC charts

Bitcoin ‘plankton’ wallets hit record — plus 4 more bullish BTC charts

More and more people are buying (BTC) since the 2020 coronavirus crash — and it doesn’t matter how rich they are, data shows.

Part of a series of bullish charts circulating this week, statistician Willy Woo highlighted the growth in both high and low-value wallets.

According to the data, compiled by on-chain monitoring resource Glassnode, Bitcoin whale entities — wallets controlled by a single high-worth individual — keep growing in terms of how much BTC they control.

Whale numbers themselves have already hit all-time highs.

“Many look at the BTC price and doubt it’s a hedge. High net worth individuals and funds certainly consider it to be true and betting on that with real money,” Woo commented.

Bitcoin has received considerable attention as a possible safe haven since March, rebounding from 50% losses and maintaining higher levels since. Its fixed, unalterable supply — just one of its fundamental attributes — has formed a particular point of discussion as the U.S. M2 money supply keeps growing, but velocity decreases.

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It’s not just whales feeling the need to bet on BTC. Smaller wallets, or “plankton” by comparison, are also showing clear growth.

“Bitcoin is a fast growing country in cyberspace with a population of sovereign individuals who prefer to use BTC for storing wealth and doing transactions,” stock-to-flow price model creator PlanB summarized.

He noted that Bitcoin has approximately 3 million users, making it the 134th largest country in the world, with a “monetary base” — market cap — of roughly $200 billion, ranking 21st globally.

Further signs of accumulation come from existing hodlers. The proportion of the total Bitcoin supply which has not moved in three years or more hit a record 30.9% on Tuesday, Glassnode shows.

Bitcoin supply proportion dormant for 3 years or more. Source: Glassnode/ Twitter

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As Cointelegraph reported earlier, exchanges’ reserves of BTC keep declining as users withdraw coins to wallets. According to a new metric from fellow monitoring resource CryptoQuant, meanwhile, buy pressure remains “intense” for Bitcoin at current price levels around $10,000, roughly four months after the amount of newly mined BTC was expectedly halved in May.

Even at lower levels than last week after a 15% drop, however, Bitcoin remains in a bullish long-term uptrend, says PlanB.

The ’s 200-week moving average price, which has never gone down, continues to advance by about $200 per month. Never has a monthly close in BTC/USD been below the 200-week benchmark.

In a sign of continued commitment from miners, the Bitcoin network hash rate is now estimated to have hit a new record of its own — over 150 exahashes per second (EH/s) after a minor 1.21% downward difficulty adjustment on Sep. 7.

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