Bitcoin is currently going through a turbulent period with a major correction in its price.

The largest cryptocurrency is down almost 6.65% in the last 7 days, reaching as low as $55,600.

While price action has remained unstable in the past few days, activity on the Bitcoin network has increased dramatically.

There are now a total of 38.76 million Bitcoin addresses with non-zero balances, the highest level ever recorded (at the time of publication).

In turn, the long-term holders of the world’s most valuable cryptocurrency reduced their spending and started adding more to their positions despite market volatility.

In addition, the Bitcoin exchange supply is constantly declining.

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Bitcoin whales are transferring their cryptocurrencies to crypto wallets in an attempt to create a supply shortage on exchanges to push the price higher.

The number of Bitcoin addresses with a non-zero balance has reached a new all-time high of 38.76 million addresses.

The previous high of 38.7 million was set seven months ago on April 23, this took 213 days to fully recover.

While price holds steady without new highs and sentiment remains scattered, Bitcoin stakeholders are actively adjusting to new market information.

Bitcoin correction:

We pointed out in previous articles on Bitcoin Arab about a significant drop in Bitcoin’s overall dominance of the cryptocurrency market yesterday.

While the digital currency fell below the $56,000 price level, its market cap remained above $1 trillion.

According to Santiment, the recent shift in the supply of bitcoin in cryptocurrency exchanges has reduced the risk of major bitcoin sell-offs.

📉 # bitcoin It is down -5.5% in the last 24 hours and is on the verge of dropping below $56,000 again. in spite of that, BTC dollarsThe offer continues to move away from the exchanges, which reduces the risk of selling. USDT . dollars It also remains high on the exchanges, which indicates higher buying power. pic.twitter.com/4dkr086zqM

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– Santimentfeed November 22, 2021

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Bitcoin price is down -5.5% in the past 24 hours and is on the verge of dropping below $56,000 again.

Despite this, the supply of Bitcoin continues to move away from the exchanges, reducing the risk of selling.

The stablecoin USDT is still high on the exchanges, which indicates a strong buying power.

The total cryptocurrency market cap held steady at $2.5 trillion on Tuesday despite the recent correction in the market.

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