With Bitcoin below $30K, here’s the new metric you should watch instead


At the time of writing, Bitcoin was trading at $29,379.94 after falling by 2.58% over the past 24 hours and decreasing by 3.10% over the week. Those using the opportunity to buy the dip while they can and stack sats should probably look up for a second as a new milestone was hit recently.

 Bitcoiners on a high

Data from Glassnode revealed that the number of addresses holding more than 1 BTC hit an all-time-high of 845,340. As you can see, this trend has been growing by the day after recovering from a dip close to the beginning of 2022.

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Why does any of this matter when Bitcoin itself is struggling to definitively get past $30k? Well, this all-time-high metric is a healthy sign of rising Bitcoin adoption, and shows that investors across the crypto-market are taking steps to load up on the king coin while they can. Furthermore, this helps spread the supply of the coin.

Another metric which bodes well for BTC is the fact that the amount of supply last active touched a two-year high of close to 4 million BTC.

Again, this demonstrates that industry players are not just letting their Bitcoin gather dust, but that more of the supply is being put to work.

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On the other hand, data from Santiment revealed that Bitcoin velocity has fallen back to lows last recorded near the end of April 2022. This, in turn, suggests that investors might be HODLing their Bitcoin rather than transferring them between addresses or using them for micro-payments.

Source: Santiment

However, there’s another metric to keep in mind. Bitcoin Age Consumed was reducing at press time and has been coming down since 14 May. This suggests that fewer shaky investors are selling their Bitcoin to exit the game. This too is a sign of rising Bitcoin adoption.

That being said, investors should wait and watch to see how the latest fall below $30k affects more panicky traders.

Source: Santiment




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