Key Points
- Bitcoin wallets holding 1,000 or more BTC have seen a significant increase in volume in recent months.
- Bitcoin ranks among the top 10 assets by Total Value Locked (TVL), following an uptick in February.
Bitcoin [BTC] has experienced a rise in both its price and the volume held by certain wallet addresses. This increase is noteworthy as it is approaching levels last seen prior to the FTX crash.
Increasing Volume in Large Wallets
Data from IntoTheBlock reveals a significant surge in the volume of BTC held by wallets containing 1,000 or more BTC. This surge, which amounts to an increase of 250,000 BTC, occurred notably after the approval of the spot ETF in January. The number of addresses holding 1,000 or more BTC rose from approximately 1,888 in January to over 2,049 by February, and currently stands at around 2,019.
Despite declines after the FTX crash in November, these wallets are steadily approaching their pre-crash levels, thanks to positive trends in BTC’s price and increased institutional participation.
Bitcoin’s Standing in TVL
Bitcoin’s Total Value Locked (TVL) has also seen recent improvements. According to data from DefiLlama, Bitcoin ranks ninth in terms of TVL, surpassing Avalanche [AVAX]. The TVL of Bitcoin stood at $1.15 billion at the time of this writing, with an uptick observed in February, reaching as high as $1.3 billion in April.
Interestingly, Bitcoin is the only L1 blockchain on the ranking that originally lacked smart contract functionality. However, recent developments have enabled the implementation of smart contracts, allowing value to be locked on the network.
As of now, Bitcoin is trading at around $67,100, reflecting an increase of less than 1%. Over the past week, Bitcoin has surpassed the $61,000 price range and has sustained a price trend above the $65,000 zone for the last three days, indicating a bull trend.
