Glassnode, a major crypto analytics provider has revealed that Bitcoin wallets which are having more than 10 Bitcoin are now going down to a major low now. However, as far as smaller wallets are considered, they are seeing a slight uptrend in the market. This is because a lot of small retail holders are entering the market by creating new wallets.
📉 #Bitcoin $BTC Number of Addresses Holding 10+ coins just reached a 7-month low of 153,137
Previous 7-month low of 153,145 was observed on 24 March 2020
View metric:https://t.co/0NzRiyaeFg pic.twitter.com/ByyRxFlnXw
— glassnode alerts (@glassnodealerts) September 9, 2020
Small Bitcoin wallets are increasing in number
According to the tweet by Glssnode, the number of Bitcoin wallets which are having ten or more coins has now dropped to a seven-month low. Currently, there are 153,137 wallets in the market. It is also revealed that this kind of low was also seen several months back, in March 2020. Along with this, it is also revealed that the wallets which are holding 10,000 BTC are also seeing a decline now.
Meanwhile, there has been a subsequent rise in small Bitcoin wallets in the market. According to the data by an analytics firm, the number of wallets that are holding one or more Bitcoins has now seen an all-time high. This is because the number has now reached 823,103 which is actually an all-time high.
Bitcoin is facing a decline in price
It has been seen that over the past week, Bitcoin is somehow struggling to maintain the $10,000 level. Back on September 03, there was a huge decline in price from $11,300 to $11,000 which eventually went down to $9,900. Even though it was able to maintain the $10,000 level but is currently striving to maintain this position. The current position seems to be quite disturbing for Bitcoin as it is trying to stay above this level, meanwhile, a lot of investors are cashing out their Bitcoin holdings. Currently, it is trading at $10,198 which is again quite alarming for all the Bitcoin hodlers.
