<p>After a plunge of almost 20% between 15 August and 25 September, Bitcoin stabilized near the $19,000 level on Monday. However, Bitcoin whales kept dumping the world’s most valuable crypto asset during the recent market correction, according to the data published by Santiment.</p><p>The data shows that Bitcoin addresses holding between 100 and 10,000 coins now own about 45.72% of the total active BTC supply, which is the lowest level since 4 April 2020.</p><p>“The amount of Bitcoin (BTC) held by whales has been dropping for 11 months now. As fears of inflation and a global recession continue, addresses holding 100 to 10k BTC have lowered their percentage of supply held of crypto's top asset to 29-month lows,” Santiment noted in a recent <a href="https://twitter.com/santimentfeed/status/1574065806903689218" target="_blank">Tweet</a>.</p><p>BTC’s <a href="https://www.financemagnates.com/cryptocurrency/news/btc-network-profitability-decreases-significantly/" target="_blank">network profitability</a> is also plunging. According to Glassnode, an on-chain analytics platform, the percentage of Bitcoin addresses in profit (7-day moving average) reached 53.6% on Monday, which is the lowest level in two years.</p><p>Network Activity</p><p>Due to a consistent price correction, the overall activity across the Bitcoin network has decreased in the last few months. Dormant BTC supply has been on the rise since the start of 2022.</p><p>“The total volume of BTC coin-days destroyed in the last 90-days has, effectively, reached an all-time low. This indicates that coins which have been HODLED for several months to years are the most dormant they have ever been,” Glassnode highlighted in its latest data.</p><p>Earlier this month, BTC supply on exchanges touched its <a href="https://www.financemagnates.com/cryptocurrency/news/bitcoin-supply-on-exchanges-hits-the-lowest-level-since-november-2018/" target="_blank">lowest level in almost four years</a>.</p>
This article was written by Bilal Jafar at www.financemagnates.com.
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