Additionally, for the first time since April 2022, the collective marketplace’s realized value net situation is in the black. This statistic has been in negative numbers for the past nine months or thereabouts, as more cash has moved out of crypto exchanges than into them.

The crypto market capitalization has climbed by 36% since 2023. This is due to more than $300 billion reentering the market. Yet, markets are still 63% lower than their high levels in November 2021, when overall market valuation surpassed $3 trillion.

Another encouraging statistic is that the number of Bitcoin whales has dropped to a three-year low. This suggests that the asset has been more widely dispersed and less focused on the control of a few whale wallets. Increased asset dispersion benefits the whole ecosystem by removing the possibility of price gouging by a few bagholders.

On February 27, Glassnode also stated that the percentage of BTC supply that is now operating has hit an all-time high of 28.2%. This demonstrates that, despite the weak market, adoption and network utilization have been consistently increasing.