Bitcoin Reaches Milestone as Number of Wallets Reach All-time High
Summary: Glassnode reports that the total number of wallets with at least one Bitcoin has reached 1,008,737 million, indicating a growing trend. Whale populations are also declining, and Bitcoin's decentralized nature is affecting the network. The next large swings in Bitcoin are expected later this week, as unemployment claims and CPI data reveal the Fed's effectiveness in curbing inflation.
Bitcoin is firmly established at over $30,000 when Asian markets opened on Tuesday. The cryptocurrency has just achieved a significant symbolic milestone, despite the fact that trading volume and market movements have remained relatively flat over the previous several days as the market continues to battle with liquidity.
Glassnode reports that the total number of wallets with at least one Bitcoin has hit an all-time high of 1,008,737 million. This trend toward more evenly distributed Bitcoin holdings is indicative of the network’s growing decentralization. Meanwhile, research from Glassnode indicates that whale populations are also in decline.
Ordinals Playing Key Role
Since May, when a million wallets were found to be storing at least one bitcoin, that figure has continued to rise to record an ATH. This is happening at a time when the increasing use of ordinals puts more strain on the Bitcoin network.
All Eyes on Upcoming Data
Several indicators point to rising activity, including the number of addresses holding more than 0.1 worth of cryptocurrency and the frequency with which miners deposit their earnings into exchanges. The next large swings in Bitcoin are expected later this week, when statistics on unemployment claims and CPI will be revealed, showing how effective the Fed’s actions have been in curbing inflation.
Binance U.S Struggling
No fiat liquidity has placed the Binance U.S exchange in an odd spot. Tether (USDT), the largest dollar-pegged stablecoin in the world, is selling at a discount of over 9 cents from other exchanges, much like Bitcoin which is selling at approx. $2500 discount.
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