The Decline of Bitcoin Price Cannot Stop the Consistant Growth of Bitcoin Addresses with Non-Zero Balance. Now It’s Over 40 Million Addresses!
On January 3rd, 2022, it has over 40 million Bitcoin wallets with a non-zero balance. The chart from OKLink ChainHub shows that this number has been continuously increasing since 2019, despite the ups and downs of the Bitcoin price.
Source: OKLink ChainHub
According to the analysis of the Glassnode, an on-chain analytics provider, the number of addresses with a non-zero balance within 2021 alone has increased by 23.2%, bringing the number from 32 million to more than 40 million addresses.
Source: Glassnode
“With respect to daily activity, we can see that the number of active on-chain entities has finally managed to break above 275k/day. The chart below highlights in red an observable and rising ‘bear market channel’. This shows that during periods of depressed prices, and lower relative interest, there remains a persistent growth in network users.
Both 2017 and 2020-21 bull markets stand out as having markedly more on-chain activity relative to this channel. However, the current regime appears to more closely resemble the ‘mini-bull’ that occurred from April to August 2019. These two periods are similar in that they followed a deep correction and broad capitulation event, but the subsequent rallies could not generate sufficient momentum for a full-scale bull market.” – Glassnode wrote in its New Year post.
Source: Glassnode
Glassnode defines: “When a coin is moved to a wallet with no history of spending, it will be classified as illiquid (eg. a HODLer executing a dollar cost averaging strategy). Conversely, a wallet that spends very regularly (eg. day-trader or an exchange hot wallet) will be classified as either Liquid or Highly Liquid.”
“We can see below that over the final months of 2021, even as prices corrected, there has been an acceleration of coins from Liquid, into Illiquid wallets.”, this site said.
According to the data, more Bitcoin is being placed into storage, indicating a rise in hodling and accumulating behaviors. The drop in highly liquid supply also suggests that a large selloff or capitulation event is unlikely to occur very soon.
Source: GlassNode
Over the past month, the total supply of Bitcoin by long-term holders has increased, which means the market conviction is bigger and bigger day by day.
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Hazel
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The Decline of Bitcoin Price Cannot Stop the Consistant Growth of Bitcoin Addresses with Non-Zero Balance. Now It’s Over 40 Million Addresses!
On January 3rd, 2022, it has over 40 million Bitcoin wallets with a non-zero balance. The chart from OKLink ChainHub shows that this number has been continuously increasing since 2019, despite the ups and downs of the Bitcoin price.
Source: OKLink ChainHub
According to the analysis of the Glassnode, an on-chain analytics provider, the number of addresses with a non-zero balance within 2021 alone has increased by 23.2%, bringing the number from 32 million to more than 40 million addresses.
Source: Glassnode
“With respect to daily activity, we can see that the number of active on-chain entities has finally managed to break above 275k/day. The chart below highlights in red an observable and rising ‘bear market channel’. This shows that during periods of depressed prices, and lower relative interest, there remains a persistent growth in network users.
Both 2017 and 2020-21 bull markets stand out as having markedly more on-chain activity relative to this channel. However, the current regime appears to more closely resemble the ‘mini-bull’ that occurred from April to August 2019. These two periods are similar in that they followed a deep correction and broad capitulation event, but the subsequent rallies could not generate sufficient momentum for a full-scale bull market.” – Glassnode wrote in its New Year post.
Source: Glassnode
Glassnode defines: “When a coin is moved to a wallet with no history of spending, it will be classified as illiquid (eg. a HODLer executing a dollar cost averaging strategy). Conversely, a wallet that spends very regularly (eg. day-trader or an exchange hot wallet) will be classified as either Liquid or Highly Liquid.”
“We can see below that over the final months of 2021, even as prices corrected, there has been an acceleration of coins from Liquid, into Illiquid wallets.”, this site said.
According to the data, more Bitcoin is being placed into storage, indicating a rise in hodling and accumulating behaviors. The drop in highly liquid supply also suggests that a large selloff or capitulation event is unlikely to occur very soon.
Source: GlassNode
Over the past month, the total supply of Bitcoin by long-term holders has increased, which means the market conviction is bigger and bigger day by day.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
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