The latest report from blockchain data analytics firm, Glassnode, shows that Bitcoin and Ether addresses with atleast 0.1 BTC or ETH is at an all-time high.
This is the first time addresses with over 0.1 BTC have crossed the 3-million mark, indicating continued hype which has seen BTC wallets storing a minimum of 0.1 coins grow since February 2020.
ETH addresses holding atleast 0.1ETH have also been rising steadily which has continued to put Ether as one of the best performing cryptos in 2020.
Below are the numbers as of June 13th, 2020:
- Bitcoin Addresses with atleast 0.1 BTC – 3,054,282 wallets
- Ether Addresses with atleast 0.1 ETH – 2,984,080 wallets
Since the May 2020 Bitcoin halving, bitcoins flowing from miners to exchanges has reached a 1-year low with a lot of miners preferring to hodl rather than sell, possibly waiting for the prices to rise before realizing their profits.
While this might ordinarily appear to indicate bullish sentiment, it is still not clear if it has contributed to the rise in hodling accounts. Whatever the reason however, the next meaningful price spike will likely trigger a sell-off by miners in order to recover their running costs.
Overall, the fact that miners are choosing to hold rather than sell BTC at current prices implies that mining is not widely financially viable at this price, suggesting that a sustained price increase (or increase in fees) is required in order to keep mining sustainable and break the potential cycle of miners hodling->selling->hodling.
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