Amid recent good times for Bitcoin, the asset has witnessed increasing activity among investors but the miners have a different experience recently. The investors are looking up to the assets in hopes of profits and long-term gains after displaying resilience through the prolonged bear market last year.
According to recent data from Glassnode, an on-chain analytics firm, the Bitcoin’s price performance and overall recent stability has pushed the supply active to record levels. Glassnode reports that the Bitcoin percent supply active on the 5+ year range has touched an all-time high level.
Analysts highlight that the high levels have been recorded at about 29.126%. As recorded in the graph above, the linear line for the metric highlights that it continued to be very stable for four years straight from 2010-2014. This means that the asset is being held increasingly active despite the recent regulatory hurdles.
Simultaneously, another set of data suggests that the investors are increasing the accumulation of coins. At this time, the number of small investors i.e. the ones holding more than 1 coin has increased and passed previous highs.
Glassnode writes that the number of addresses holding more than 1 coins has reached all-time high. The recent values have touched 1,011,291 marking the highest value. Reportedly, the number is increasing every day and marks a push from the previous day sum of 1,011,287.
Simultaneously, the block heights for Bitcoin have continued to increase and have recorded high levels. The firm revealed that the Bitcoin block height just crossed 800,000 and was recorded at 800,005 at the time of writing.
Amid this increasing block height, Glassnode writes that Puell Multiple has touched monthly low levels. The Puell Multiple is calculated by dividing the daily issuance value of Bitcoins (in USD) by the 365-day moving average of daily issuance value. It examines the fundamentals of mining profitability and the way they shape market cycles.
Hence, the miners aren’t enjoying the best profits amid the increasing block heights. Notably, the Puell Multiple on a seven-day moving average, touched the monthly low at 1.219. While this the monthly low, the value is lower than the values of June hence making it over 2-monthly lows.
In the past weeks, Bitcoin investors are taking respective steps driven a major profit yielding regime. Amid this, the wallets which have been dormant for over a decade have also risen and taken charge of their holdings.
As reported by Todayq News, the Bitcoin has pushed majority coins into profits while the long-term experienced investors are choosing to accumulate the asset. However, while the prices hovered in the $30,000 range and were anticipated to lead a bullish trail, the asset stumbled and dropped slightly. As of writing, Bitcoin is trading at $29,777.40, over a 1.01% decline over the past day.