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Bitcoin On-Chain Data Analysis-What’s Happening In Bitcoin Lightening Network, Bitcoin Supply Distribution, And BTC Accumulation

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Lets have a look on Bitcoin On-chain data.

Lightning Network: 13,600+ nodes

The Lightning Network is a sublayer on the bitcoin blockchain. It is intended to make payments fast and cheap transaction.

Lightning is becoming more popular among bitcoiners and the increasing Lightning volume speaks for itself. British on-chain analyst Philip Swift has an update. First of all, the capacity, measured both in dollars and in bitcoin, has grown strongly in recent months. The number of Bitcoin lightening nodes have grown to more than 13,600.


The fact that more BTC is stored on the Lightning Network is also noticeable by the fact that more and more BTC are leaving exchanges.

Read: Forget SEC, US Infrastructure Bill Is The Crypto’s Real Worry

The bitcoin outflow from the centralized exchanges in July reached the highest level since November 2020. According to GlassNode, the bitcoins outflow from the centralized exchange in July exceeded 100,000 BTC. Over the past seven days, about 40,000 BTC have been taken out from crypto exchanges. (Read, Glassnode Report Details)

 




Bitcoin Distribution:

The past few weeks have been dominated by Bitcoin supply Distribution.

Read: On 3rd August Miami Became The First US City To Launch Their Crypto, Miami Coin (MIA) to Fund City Initiatives, And Rewards Users In BTC

This holder group buys as soon as the price dips and sells as soon as the price reaches a certain top. This can give the impression that the bitcoin market is determined by a limited group of investors. Also known as whales, they are worth at least 1,000 BTC or more as assets.

But that picture is not entirely correct. It is the small players in the market that are doing good over the past 24 months. As a result, the distribution of the coins becomes more spread out, according to the Dutch analyst Dilution-proof.

“The bitcoin supply distribution keeps improving.

Over the last 2 years, we’ve seen 2 (almost 3) occurrences where the percentage of the total bitcoin supply that is held by relatively smaller entities surpass that of entities with a much larger balance size.”

 

But whales don’t sit still. The whales with between 1,000 and 10,000 BTC on their balance sheets accumulate just as much.

 

FTX US

Bitcoin Accumulation

Trader Bitcoin Jack also summarizes what has happened in recent months. Bitcoin in circulation has changed hands: from weak hands of speculators to strong hands of holders.

 

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Ammarahttps://thecryptobasic.com/
I am the editor-in-chief of The Crypto Basic. Love to get involved in cryptocurrencies. I am in crypto since 2014. I like the way blockchain is progression, being adopted by large firms and in most parts of our lives. We are early adopters and followers of blockchain, and time will surely come when our success factor will be blockchain.

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