As per reports, BTC whales have had the lowest supply in the previous three years. Also, the supply of BTC with small and medium-sized addresses has reached an ATH.
Cryptocurrency, Bitcoin, has remained stable at around $19,200 levels. The current BTC price volatility leaves investors puzzled as to which way it may swing next.
On-chain data also reveals an intriguing exchange between the whales and the smaller addresses. According to a crypto monitoring tool, BTC whales have had the lowest supply in the previous three years. Simultaneously, the supply of BTC with small and medium-sized addresses has reached an all-time high. As per the report:
Bitcoin's small to medium-sized addresses (holding 0.1 to 10 BTC) hold an ATH of 15.9% of the coin's available supply. Meanwhile, whales (those with 100 to 10,000 BTC) account for 45.6% of the supply, a three-year low. The market capitalization of stablecoins has reached a 2022 low.
At the same time, Bitcoin supply has reached all-time lows in the past six months, according to sources. In the last six months, the active circulating supply of BTC has reached 18.12% or 3.485 million BTC. As per reports, historically, very low levels of mobile supply have occurred during extended bad markets.
Where Is Bitcoin Heading Next?
According to crypto market expert Capo, Bitcoin might make a bullish move all the way to $21,000, its major resistance level. Furthermore, as previously reported, the Bitcoin futures market shows less selling pressure. Additionally, data from Coinbase's professional trading platform, Coinbase Pro, reveals that over 48,000 BTC have left the platform. It appears that institutional players are resuming their involvement.
However, Capo points out that the overall tendency is gloomy. He went on to say that the current support level is between 18k and 19k. Price has bounced off this level multiple times. However, bounces are deteriorating. This indicates that purchasing strength from this level is weakening and that bears are pushing lower all the time. It will ultimately snap.
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