The number of wallets with a non-zero BTC value hit an all-time high in February, indicating bullish sentiment for Bitcoin (BTC).
Furthermore, accounts with a positive BTC value hoard their currencies more and more. As per statistics from on-chain analytics company Glassnode, the number of BTC circulating supply last moved around three and five years ago, reaching a four-year peak of a little over 2.8 million BTC.
During 2019 and 2020, the number of addresses having non-zero balances grew rapidly till mid-2021, when it seemed to have reached a plateau of over 35 million wallets. As per Glassnode, the increase in this statistic has accelerated since the start of 2022, reaching a new record high of 40,276,163.
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The abrupt increase in BTC supply, which was last operational three to five years ago, corresponds to the end of the most recent long bullish trend at the start of 2018.
Glassnode stated that 817,445 wallets with a non-zero balance held a minimum of one whole BTC, a 10-month peak on Monday.
This month, supply-side dynamics in Btc have offered several interesting indicators. On February 9, FSInsight estimated that 75% of the BTC total supply was illiquid as it has not traded in a long time. According to the financial research company's analysis, the position is defined as a "powder keg" that is willing to blow as soon as a reasonable number of BTC is purchased on the exchange.
On February 27, transacting with the Ethereum (ETH) platform was a lot cheaper, as average size costs have dropped to 0.0039 ETH or $10.26 per transaction. The last time Ethereum network charges were this cheap in late August 2021, six months ago.
It is now 80.26% more inexpensive to send ETH than it was on January 10, 2022, with estimated charges of $10.26 per transaction. The average transfer charge was $52 per transfer at the time, which was around one month earlier.
Since then, Ethereum charges have fallen, and average gas fees have jumped on the bandwagon. The median-sized gas fee was $29 in ethereum 48 days earlier on Jan 10, but it's now at 0.0017 ETH, or $4.55 each transaction, reduced 84.31%.
As gas fees have decreased, L2 transactions are also less expensive than on-chain trades. Presently, the lowest L2 price to transmit ether is $0.13 for each transaction using Loopring. Currently, the gas fees for swapping coins with Loopring will be $0.66 for every swap.
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In pushing an ethereum (ETH) transfer through L2, Loopring is trailed by Zksync ($0.16), Polygon Hermez ($0.25), Arbitrum ($0.56), Boba Network ($0.99), Optimism ($1.24), and Aztec ($4.23).
Zksync costs $0.39, Arbitrum costs $0.78, Boba costs $1.66, and Optimism costs $1.83 to transfer coins through these L2 networks.
On the Bitcoin (BTC) blockchain, on-chain costs are similarly cheaper, at 0.000000086 BTC per byte on February 27, 2022, equating to 0.000032 BTC or $1.20 per transfer. Furthermore, on Sunday, the typical bitcoin charge was 0.0000078 BTC or $0.29 per transfer.
