Number of Bitcoin Holders Hit Record High, Data Shows - Bitcoin price keeps falling and shows no signs of recovery but the number of Bitcoin holders is still at a record high.

    Bitcoin is trading around $16.7K and continues to become an obsession of many investors. Data from on-chain analysis firm Glassnode shows that both short and long-term investors are suffering a lot as Bitcoin shows no signs of recovery. Since the collapse of FTX in November, the crypto market plunges, Bitcoin price also keeps falling.

    However, the fact that Bitcoin once dropped to $5,000 in March 2020 and then surged 10 times, reaching all-time high in 2021 has been a driving force for many people to buy Bitcoin when its price plummeted in the middle of this year. This is one of the reasons why the number of Bitcoin holders hit a high record despite the market plunge.

    Source: Glassnode

    In the crypto space, short-term holder (STH) refers to a person holding tokens for a short time (less than 155 days), and long-term holder (LTH) are those who hold tokens for more than 155 days. According to data from Glassnode, as of Dec 26, STHs is holding about 1,889,585 BTC while LTHs holds 6,057,858 BTC. This is a record number in terms of the percentage of the Bitcoin supply used by the tool, which excludes BTC held by exchanges.

    Statistics also show currently only about 50% of Bitcoin holders are able to make a profit, a record low since March 2020. Glassnode said that when FTX crashed, more than 50% of Bitcoin holders still kept this cryptocurrency in their wallets, accepting losses. No one knows for sure when the crypto market will recover. Some analysts predict that Bitcoin could hit the $10,000 mark in the first quarter of 2023 and then move sideways without much volatility.

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