The number of addresses with a positive Bitcoin balance has reached a record high, according to on-chain statistics during February.

In addition, wallets with a non-zero Bitcoin balance are increasingly hodling, with the amount of Bitcoin circulating supply previously moved between three and five years ago, hitting a four-year high of over 2.8 million coins, as per Glassnode data.

The number of Bitcoin addresses with a positive balance rose sharply in 2019 and 2020 until the middle of last year, with growth staying flat at 35 million addresses, Cointelegraph reports. That said, growth has soared since the start of this year, resulting in a new record high of 40,276,163 according to the Glassnode data.

The sudden rise in Bitcoin supply that was last active between three and five years ago corresponds with the high of the last prolonged bull market at the start of 2018.

Within the addresses with a positive Bitcoin balance, a total of 817,445 of them have a minimum of one whole Bitcoin, marking a 10-month high on Monday.

Moreover, according to a report by FSInsight, 75% of the Bitcoin supply in circulation was illiquid as it hadn’t moved for a lengthy period of time. The report described the situation as a “powder keg” ‘ready to blow as soon as a moderate amount of BTC is bought on the market,’ the Cointelegraph report adds.

Furthermore, the crisis in Ukraine has led the government to reach out to the cryptocurrency community, and it is now accepting donations in Bitcoin, Ethereum and Tether. The political turbulence in Canada this month also saw a rise in Canadians adopting BTC to safeguard their funds from being frozen, reinforcing Bitcoin as being unconfiscatable.

At the time of writing, Bitcoin is trading at $37,827, a decline of around 45% from the all-time high in November of $69,000 according to CoinGecko data.