The world’s first cryptocurrency, Bitcoin (BTC), has seen a significant price rise in the past 24 hours and on-chain fundamentals show that long-term holders are still holding onto their coins.
Bitcoin price at press time is $22,230 after a 2.9% rise in the last 24 hours from $21,620.
The price increase comes just as the median seven-day moving average on-chain transaction size hit a five-year high of $1,145, according to Glassnode. data.
The average value of on-chain transactions rose significantly for a series of whale transactions, some worth more than $200 million shipped this week.
one of such transaction moved more than $304 million from multiple addresses to an unknown wallet at once on February 11. Another good example is a February 8 transaction moving $206 million from one unknown wallet to another.
Long-term bitcoin holders are also hoarding more and more coins, with the number of bitcoins that hasn’t moved for at least 10 years hitting a new all-time high of 2,634,631 BTC today, according to Glassnode. data.
The same data source also reveals that the percentage of bitcoin does not moved for at least two years has just hit a new all-time high of 49.863%, meaning almost half of all BTC has been held for at least two years.
The findings follow a recent report that non-zero Bitcoin wallet addresses hit 44 million after the launch of Bitcoin Ordinals, which is an all-time high.
