On-Chain Data Shows Long-Term Holders of Bitcoin Are Not Losing Their Hold

bitcoin (B T c) Long term holders are not afraid of the current volatility. Mistrust towards centralized crypto service providers continues to drive bitcoin from exchanges.

Blockchain analytics service Glassnode reveals that the amount Bitcoin Supply last active ten years ago or more reached A new all-time high of 2,594,574.300 BTC on 30 December. On the same day, the number of bitcoin addresses holding at least 100 BTC – 1.66 million worth as of press time – also reached A one-time high of 16,133. The data suggests that re-consolidation among large holders is on.

Bitcoin long-term holders aren't losing their grip, on-chain data shows
The total supply of bitcoin was active ten years ago or more. , Courtesy of Glassnode

Furthermore, another chart also shows that the number of bitcoin addresses holding at least 1 BTC – worth about $16,600 as of press time – reached all-time high of 978,000. Those metrics suggest that interest in bitcoin hasn’t been severely damaged, despite the recent market downturn.

The same cannot be said about public trust in centralized exchanges (CEX). With the collapse of major crypto exchange FTX, trust in those service providers crumbled, as evidenced by the ongoing exodus of bitcoin from CEX. glassnode chart Show that in the 24 hours to press time on December 30, $29.1 million worth of bitcoin left cryptocurrency exchanges along with $56.4 million worth of ether (ETH,

The news recently reports Major crypto assets continue to move reliably from centralized cryptocurrency exchanges despite the best efforts of service providers to regain user trust following the collapse of FTX. Self-custody is seen by many in the cryptocurrency community as a solution that allows them to hold their assets without the need to rely on a third-party custodian to prevent them from being mismanaged.

Nevertheless, Changpeng Zhao – CEO of the world’s top cryptocurrency exchange Binance – appears to disagree. During a recent Twitter Space event, he Claimed More cryptocurrencies are lost in self-custody than centralized service providers and suggested that self-custody is not suitable for 99% of users.

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