On-chain crypto analytics firm Glassnode has reported significant on-chain support was found for BTC at the roughly $47,000 level, describing the event as the largest on-chain support identified since Bitcoin broke above $11,000 in late 2020.

According to a March 8 report from Glassnode, approximately 1.2 million Bitcoin were moved on-chain as BTC’s price traded between $45,500 to $48,900 after bouncing off a local low near $45,000 last week.

Glassnode CTO Rafael Schultze-Kraft noted that roughly 6.5% of Bitcoin’s circulating supply moved on-chain as support was established

While Glassnode suggested the large Bitcoin movements could be indicative of accumulation, the firm acknowledged the spike in on-chain activity could also be attributed to sellers racing to get their coins onto exchanges:

“An important question we must ask is whether this volume on-chain is associated with accumulation, or is it instead a rush for the exits by sellers.”

However, the report’s authors noted that the number of Bitcoin held on exchanges has continued its recent trend of decline, with 32,500 BTC being withdrawn from centralized platforms this past week.

On-chain settlement has also been surging, with Glassnode reporting that more than $10 billion has been settled on the Bitcoin network each day on average this year. The data shows that daily settlement has exceeded $16 billion five times in 2021 so far.

Twitter user “jtf.capital” noted Bitcoin’s settlement value is still “barely the equivalent of 0.2% of the daily foreign exchange market volume,” emphasizing there is still “plenty of room for Bitcoin to grow!”