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Blockchain

Bitcoin’s Consolidation Continues amid Addresses Holding BTC Scaling the Heights

Bitcoin has consolidated between the $38K and $45K zone for the previous two months, as indecisiveness constantly rocks the market.

On-chain analyst Will Clemente acknowledged:

“BTC has been in this consolidation pattern for 2 months.”

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Source: TradingView

Market analyst Lex Moskovski shared related sentiments, describing the present BTC market as “the mother of all consolidations.” He noted:

“The mother of all consolidations. On-chain volume at $39k is the largest in the entire history of Bitcoin. Record 775k BTC changed hands at around $38.7.”

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Source: Glassnode

Moskovski added that Bitcoin had moved round $39,000 greater than every other price in its 13-year journey primarily based on the excessive on-chain quantity recorded.

The main cryptocurrency was down by 1.5% in the final 24 hours to hit $38,419 throughout intraday buying and selling.

Bitcoin addresses proceed hovering the heights

Despite the consolidation occurring in the market, BTC addresses proceed going via the roof. Data analytic agency IntoTheBlock explained:

“The number of addresses holding BTC continues setting new records. Bitcoin addresses with a balance reached a record of nearly 40 million. Even as BTC has remained on a downwards trend in 2022, the network added a total of 888,000 new addresses with a balance.”

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Source: IntoTheBlock

BTC long-term holders have been main the pack in accumulating extra coins. On-chain analyst below the pseudonym Checkmate stated:

“Bitcoin long-term holders are adding to their balance at an annualized rate of 7.6x issuance. With ~900BTC in mined issuance per day, this means around 6,840 BTC is moving into LTH storage daily.”

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Source: Glassnode

Meanwhile, giant institutional transactions have been dominating Bitcoin quantity at 99%. Institutional investments have performed an instrumental function in revolutionizing the BTC ecosystem. For occasion, they enabled the main cryptocurrency breach the then all-time excessive of $20,000 in December 2020 after three years of ready.

Image supply: Shutterstock

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