The number of bitcoins that have not moved for more than a decade hits a record high, new players sell off, and Bitcoin continues to be under downward pressure

In the past 24 hours, the crypto market has collectively fallen. Data from the BitTorrent terminal showed that Bitcoin fell 4%, ETH fell 6%, and SOL fell more than 10%.

In terms of macroeconomic conditions, US President Biden urged US citizens in Ukraine to evacuate immediately on Friday, warning that "Russia's invasion of Ukraine could happen at any time." Geopolitical risks have dragged down global financial markets. As of Friday's close, the S&P 500 fell 1.9%. The Nasdaq closed down 3%, with an intraday drop of as much as 3.45%, and the crypto market was not immune. However, on-chain data shows that early Bitcoin investors do not intend to sell their BTC, and the number of Bitcoins that have not been moved for more than a decade has reached a record high.

Data tracked by on-chain data provider Glassnode shows that the number of bitcoins that have not been moved in more than a decade has reached an all-time high (ATH) of 2,386,849.127 BTC, which means that the number of inactive wallets in 2012 or earlier has increased significantly. Bitcoin, now the number one in market value, was less than $100 at the time, and the mysterious Bitcoin creator Satoshi Nakamoto was active in forums and emails talking to developers.

Long-term holders are known as “diamond holders” in the crypto community, and they will hold on steadfastly no matter how turbulent the market is.

On the other hand, there are so-called “paper hands” or “weak hands” (which can be called speculators), who enter the crypto market to make a quick buck or choose to “cut their losses” due to FUD. Data from Glassnode shows that the number of wallets holding 100+ BTC has dropped to a five-year low of 15,650.

1 million active addresses in three days

On-chain analytics firm Santiment recently released a report detailing the number of Bitcoin daily active addresses. After the market recovery over the weekend, the number has seen a significant rise this week, with daily active addresses exceeding 1 million for the first time on Tuesday and continuing to grow. The number of active addresses also exceeded 1 million for the next two days. Santiment noted that the number reached 1.02 million on Thursday, marking the third consecutive day that Bitcoin's daily active addresses have reached this number.

The last time there were more than 1 million daily active addresses for three consecutive days occurred between December 1 and December 3, 2021. On December 4, Bitcoin lost more than $10,000 in a few hours, falling sharply from $57,000 to $42,000 and starting a downward consolidation trend that is still ongoing.

Jason Pagoulatos, an analyst at crypto research firm Delphi Digital , said that BTC currently has support at $35,000-40,000 and resistance at $46,000. In the past 10 days, most trading activity has occurred between $41,000 and $41,500, and the analyst said: "If we lose that level, we may move towards a volume gap, which coincides with $38,500."