Bitcoin holds above $26k amid uncertain market conditions 

The Bitcoin (BTC) price gained traction on Sept. 12 after deep diving around the $25,000 mark.

On-chain metrics indicate notable hikes for the flagship cryptocurrency amid unreliable market conditions.

Bitcoin is up by 1.17% in the past 24 hours and is trading at $26,875 at the time of writing. The asset’s market cap has reached $524 billion for the first time since Aug. 30. Its 24-hour trading volume has surpassed the $8.6 billion mark.

BTC price, whale activity, supply on exchanges and velocity – Sept. 18 | Source: Santiment

According to data from the market intelligence platform Santiment, BTC whale transactions plunged by around 10% despite its high trading volume — currently at 4,188 transfers. This indicates that smaller investors rather than sharks and whales could have triggered the recent bullish momentum.

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Moreover, the total amount of Bitcoin supply on exchanges dived to 1.15 million coins, showing signs of self-custodial accumulation after consistently declining since Sept. 7, per Santiment.

Data from the market intelligence platform shows that a single Bitcoin changed addresses 3.2 times on average over the past 24 hours.

📈 #Bitcoin $BTC Number of Receiving Addresses (7d MA) just reached a 5-year high of 40,475.738

Previous 5-year high of 40,427.935 was observed on 16 September 2023

View metric:https://t.co/U2DRirGj7r pic.twitter.com/X5n7dElDTn

— glassnode alerts (@glassnodealerts) September 18, 2023

Furthermore, data provided by Glassnode revealed that the numbers of receiving and new Bitcoin addresses have reached 40,475 and 26,808, respectively.

📈 #Bitcoin $BTC Number of New Addresses (7d MA) just reached a 5-year high of 26,808.631

Previous 5-year high of 26,708.345 was observed on 16 September 2023

View metric:https://t.co/tDzY9Fl7QL pic.twitter.com/Go6tM01QH8

— glassnode alerts (@glassnodealerts) September 18, 2023

Per Glassnode, both indicators have reached five-year highs, while the broader crypto market is uncertain.

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