Cross-chain statistics for February indicated a positive attitude towards bitcoin, as addresses with non-zero BTC balance reached an all-time high.
In addition, those wallets with a positive BTC balance are increasingly collecting their coins. Bitcoin’s circulating supply hit a four-year high between three and five years ago, at just over 2.8 million coins, according to data from blockchain analysis firm Glassnode.
The number of non-zero-balance titles increased dramatically throughout 2019 and 2020 until mid-2021, when growth appears to have stabilized at around 35 million titles. However, the growth of this indicator has accelerated since the beginning of 2022, resulting in a new ATH of 4,0276,163, according to Glassnode.
The sudden increase in bitcoin supply, which has been active for three to five years, coincides with the peak of the last expanded beef market in early 2018.
Glassnode reported that among the addresses with a non-zero balance, 817,445 of them had at least one full bitcoin, which is a 10-month high as of Feb. 28.
The dynamics of the supply of bitcoins have made some wonderful calculations over the past month. On Feb. 9, FSInsight reported that 75% of BTC in circulation was illiquid as it had not moved for an extended period of time. The company’s financial analysis report describes the situation as a “powder keg” ready to explode when a small amount of BTC is bought on the market.
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The political unrest in Canada and Ukraine in February also shed more light on Bitcoin’s ability to remain censorship-proof. Some Canadians have used bitcoin to protect their funds from a freeze, while the Ukrainian government is now accepting bitcoin donations as tensions escalate in the region.
BTC is currently trading at $37,827, about 45% down from the $69,000 price of November 10, according to CoinGecko.