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Bitcoin is currently sitting at around 45% below its all-time high, but on-chain metrics are still strong, signalling increased adoption. On-chain data during February shows that the market sentiment for Bitcoin is positive, with addresses with a non-zero balance of Bitcoin reaching an all-time high.
Non-zero BTC addresses reach ATH
The wallets with positive Bitcoin balances are also becoming HODLers, and they are unwilling to sell their coins. Data from Glassnode also shows that Bitcoin’s circulating supply recently reached a four-year high of more than 2.8 million coins.
The addresses with positive Bitcoin balances had surged between 2019 and 2020. However, the 2021 bull market seemed to have halted this trend, and by mid-2021, the number stagnated at around 35 million addresses. The address resumed an uptrend towards the beginning of 2022, and they reached an all-time high of 40,276,163 addresses.
The Glassnode data also shows that out of the non-zero BTC addresses, 817,445 hold more than on Bitcoin. This metric is on a ten-month high.
Bitcoin supply metrics
The supply of Bitcoin has provided several insights into the expected price movement of the primary cryptocurrency. A report from FSInsight on February 9 stated that Bitcoin’s circulating supply was illiquid. The supply had not recorded any significant changes within an extended period.
The FSInsight report further stated that the situation with Bitcoin was like a “powder keg.” The report also stated that Bitcoin’s price action would blow up as soon as a significant amount of Bitcoin is purchased from the cryptocurrency market.
Bitcoin has also found itself at the centre of geopolitical tensions in different areas globally. The first was in Canada when Bitcoin’s adoption grew after the enforcement of the Emergencies Act by Canada’s Prime Minister, Justin Trudeau. The crypto community said that through Bitcoin, Canadians involved with the protests could remain censor-proof.
As some Canadians turned towards BTC to protest their assets from being frozen, the government started sanctioning crypto wallets. Those linked with the protests were asked to start using self-custodial wallets because this would allow them to have control of their assets and protect them from interference by third parties.
While Bitcoin’s on-chain data looks bullish and signals growing adoption, the price has remained the same, and the bearish flag is still in play. At the time of writing, Bitcoin was trading at $38,477, which is 44.4% below the all-time high of $69,000 recorded in November last year.
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