The Glassnode metrics have brought recent data regarding the number of Bitcoin addresses that are currently labeled as non-zero, which means that they hold BTC. According to their analysis, the number of Bitcoin holders has reached a new all-time high of 40,276,163.
The number seemed to previously have stabilized throughout last year at around 35 million addresses. However, recent world developments, such as the controversial Canadian law on bank account freezes and the Russian invasion of Ukraine, have prompted a greater BTC adoption, which shows an increasing trend of trust in cryptocurrencies as anti-inflation assets.
Further Glassnode statistics report that 817,445 of these addresses own at least one whole Bitcoin, which also is a 10-month high.
Moreover, 75% of all Bitcoin in circulation seems to be illiquid, which means that it has not moved in a while on the market and is rather cooped up in their owners’ wallets. This further supports the claim that investors are using crypto to protect the value of their wealth.
However, Bitcoin is currently trading at $38,371, which is still a whole 45% less than its ATH price from November last year. Plus, experts are worried that once the Bitcoin from all the rather inactive wallets starts entering the market, the prices could drop significantly. In the current climate, though, it is hard to tell what is going to happen next.