On-chain analytics provider, Glassnode, has reported that addresses holding 0.1 to 1 Bitcoin (BTC)—which it fondly calls “Sat Stackers’’—have seen a significant spike since March 2020’s cryptocurrency market crash. However, the firm also warned that its on-chain metric shows that the bull market could be entering its late stages.
Glassnode explained that Sat Stackers have been on a steady rise over the past three years and have accumulated about 1.23% of the entire supply of Bitcoin during the given period. That said, these small accounts now control 5.2% of all mined BTC.
The on-chain service provider highlighted that the relentless accumulation of BTC by small accounts shows how determined this group is in HODLing through volatility from 2018 to 2020 despite the chaos in the market.
Meanwhile, whale wallets holding 100 BTC or more have grown by less than 1% over the past year and have been flat over the past three years. Nonetheless, this group of Bitcoin investors holds most of the total supply of BTC—62.6%.
Glassnode concluded that this wealth transfer could be an early sign that the bull market is reaching its peak.
Key BTC Levels to Watch — March 23
Bitcoin has fallen into yet another massive correction in March, as the benchmark cryptocurrency fell by more than 9% over the past 24 hours. The decline was likely a continuation of its previous price correction from the $60k area.
That said, the cryptocurrency appears to have rebounded from the $53k support and could trigger a climb to the $60k barrier. However, Bitcoin has several resistance levels to scale before approaching the $60k round figure, with the $56,700 serving as the crucial level to break.
Although very unlikely at the moment, a break below the $52,500 support could spell doom for BTC bulls and send the cryptocurrency on a bearish spiral.
Meanwhile, our resistance levels are at $55,000, $56,000, and $56,700, and our key support levels are at $54,000, $53,000, and $52,500
Total Market Capitalization: $1.71 trillion
Bitcoin Market Capitalization: $1.01 trillion
Bitcoin Dominance: 59.5%
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