According to on-chain data given by Glassnode analytics service, the number of large Bitcoin addresses on the network has dropped to a three-month low. Currently, the value is at September 2021 level. The number of unique addresses holding 100 or more coins has decreased to October levels, indicating that the majority of the market has lost interest in counter-trading the asset and has joined the bear market.
While exchange inflows into Bitcoin are currently low, the number of funds in USDT that the exchange is currently receiving remains rather substantial when compared to the period when Bitcoin was trading near $60,000.
As the number of wallets holding the asset is more likely connected to its performance, which has not been favorable in recent weeks, the statistic tends to show virtually a full correlation with Bitcoin’s price.
Crypto Blood Bath To Continue?
On Monday, Bitcoin fell to its lowest level in six months, as worries of a Russian attack on Ukraine prompted risky assets throughout the world to sell-off. The largest cryptocurrency was down by 7.4% at $33,650 on Monday, its lowest level since July 24, and has lost 50% of its value from its all-time high of $69,000 in November.
The altcoins have been hit much harder than BTC in recent days, with significant price declines. On a daily basis, though, most are now in the black. Ethereum fell by about $1,000 in two days, reaching a low of $2,300. ETH, on the other hand, is now trading at $2374 and has lost more than 2 percent.
The total market has dropped by a similar amount, losing $1.5 trillion in just two months. It has sparked predictions of a ‘Crypto Winter,’ similar to those observed after the bull markets of 2013 and 2017.