The number of non-zero BTC addresses reaches an all-time high of 40 million

On-chain statistics through February indicate that positive sentiment around Bitcoin can be seen as addresses holding non-zero Bitcoin balances reach all-time highs.

Additionally, those wallets with positive BTC balances are increasingly holding Bitcoin. The circulating supply of BTC, last moved three to five years ago, is at a four-year high of more than 2.8 million bitcoins, according to on-chain analytics firm Glassnode.

The number of Bitcoin non-zero addresses just hit an ATH of 40,276,163

The previously observed ATH value of 40,275,801 was observed on February 05, 2022

Check out the indicators: https://t.co/VtoChZbLsapic.twitter.com/hTnHlN9GeU

— glassnode alerts (@glassnodealerts) February 27, 2022

The number of addresses with non-zero balances increased dramatically throughout 2019 and 2020, until mid-2021 when growth appeared to flatten out around 35 million addresses. However, growth in this metric has skyrocketed since the start of 2022, with a new ATH of 40,276,163 according to Glassnode.

The last time there was a sudden surge in active BTC supply was three to five years ago, coinciding with the peak of a prolonged bull market in early 2018.

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Glassnode reported that 817,445 addresses with non-zero balances held at least one full bitcoin, a 10-month high set on Feb. 28.

Over the past month, Bitcoin’s supply-side dynamics have provided several notable indicators. According to a FSInsight report on February 9, 75% of the circulating supply of BTC is illiquid due to periods not moving. The financial research firm’s report describes the situation as a “powder keg” that explodes once the right amount of BTC is bought into the market.

Political turmoil in Canada and Ukraine in February also brought into sharper focus Bitcoin’s ability to resist censorship. Some Canadians have adopted Bitcoin to protect their funds from being frozen, and the Ukrainian government is now accepting Bitcoin donations as tensions escalate.

As of this writing, BTC is trading at $37,827, down around 45% from its Nov. 10 all-time high of $69,000, according to data from CoinGecko.

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