A recent analytics chart shared by on-chain analytics provider Glassnode reveals that Bitcoin wallets containing between 100 and 1,000 coins have resumed accumulation.
Lex Moskovski, the CIO of Moskovski Capital shared the Glassnode chart on Twitter. According to the data, wallets holding between 100 to 1,000 Bitcoin have started increasing, after a brief deep in April.
The CIO opined that Bitcoin wallets in the 100 to 1,000 range represents financial institutions that use a specific protocol to store funds on custodial platforms such as BitGo and Coinbase. Moskovski goes further to clarify that the resumption of growth is a bullish sign for Bitcoin.
#Bitcoin supply held by the 100-1000k wallet range finally resumed uptrend.This range is usually associated with institutions due to a specific protocol for storing custodial funds.E.g. Coinbase Custody stores funds in 100-120 BTC chunks.This is bullish. pic.twitter.com/SyJ4IjUn8p— Lex Moskovski (@mskvsk) May 8, 2021
Speaking of the bulls, Bitcoin has continued to trade sideways after falling from the $65k range. As of press time, the leading cryptocurrency was exchanging hands at $57,660. Meanwhile, other top-10 digital assets such as Ethereum, Dogecoin, Cardano, Bitcoin Cash, and Litecoin have had a fairly decent week.
On Friday, Glassnode also reported that over $680 million worth of Bitcoin was withdrawn from Coinbase within an hour. The firm suggested that the transaction was likely made by institutions. If true, these big-money players could simply be increasing their Bitcoin stash and moving their assets into cold storage.
In another chart shared by Glassnode, the number of active Bitcoin addresses (seven-day MA) has climbed to a three-month high of 65,659.