As the crypto market is turning bearish, top bitcoin addresses holding 100+ BTC seems to be booking profits by selling their holdings.
Glassnode on-chain data show that BTC Number of Addresses Holding 100+ Coins just reached a 4-month low of 15,915.
? #Bitcoin $BTC Number of Addresses Holding 100+ Coins just reached a 4-month low of 15,915
View metric:https://t.co/ceqO9LHIvs pic.twitter.com/2xrhXRy0u5
— glassnode alerts (@glassnodealerts) January 27, 2022
While many would think the current bear season is the perfect time for investors to increase their bitcoin (BTC) holdings, fresh data from Glassnode suggests otherwise.
According to Glassnode, the number of addresses holding at least 100 bitcoins has hit a four-month low amid current market turmoil.
Glassnode stated on microblogging platform Twitter today that the number of unique addresses currently holding 100 units or more of the world’s largest cryptocurrency recently reached a four-month low of 15,915.
Investors Panic Sell Amid Bear Market
The stats suggest that there is a possibility that investors are converting their BTC holdings to stablecoins, in a bid to save themselves from further price dips.
Recall that bitcoin has been highly volatile since the beginning of the month.
Things got worse towards the end of last week when the Bank of Russia suggested that its government should place a blanket ban on crypto-related activities, such as trading and mining.
While the market regained stability on Sunday, news of Federal Reserve’s plans to increase interbank interest rates forced bitcoin to drop to a low of $33,000, and the first meeting of the Federal Open Market Committee (FOMC) yesterday wreaked further havoc on the cryptocurrency.
So far, bitcoin has fallen over 47% since it peaked at $69,044 in November 2021, as several investors resist holding a large volume of the cryptocurrency due to fear of further price dip.
Yesterday Russian President Putin Came Forward To Support Crypto Said Russia Has Competitive Advantages In Bitcoin Mining.