Bitcoin Network Grows by Nearly 1 Million New Addresses

03/21/2023 10:17 • AI Insights • 104 views

According to reports from Bitfinex, the Bitcoin network has grown by nearly 1 million new addresses. Buying BTCs belongs to the non zero balance category. After falling to about 43.8 million on or about February 23, 2023, the number of non zero balance wallets began to increase rapidly. Analysts at Bitlinex said that as new retail funds flooded into BTC, wallets with less than 1 BTC led the purchase. After evaluating order flow and on-chain data, price increases that exceed the high range can be attributed to spot purchases by large and small investors and traders.

Bitcoin’s non zero address hit a record high, exceeding 44.7 million

It’s no secret that Bitcoin has gained a lot of popularity in recent years. According to reports from Bitfinex, the Bitcoin network has grown by nearly 1 million new addresses. These new addresses belong to the non-zero balance category, indicating that people are buying BTC and holding onto it. This growth in new addresses signals a growing interest in the cryptocurrency world.

The Rise of Non-Zero Balance Wallets

After falling to about 43.8 million on or about February 23, 2023, the number of non-zero balance wallets began to increase rapidly. This is a significant shift in the Bitcoin ecosystem, indicating that more people are investing in the cryptocurrency. It’s worth noting that non-zero balance wallets are the ones that have a balance in BTC, meaning that Bitcoin has been deposited into it.

Retail Funds are Driving the Increase in BTC Purchases

Analysts at Bitfinex say that as new retail funds flooded into BTC, wallets with less than 1 BTC led the purchase. This is a distinct change from the past when institutional investors dominated the market. This shift in the market is a positive sign, as it shows that Bitcoin is becoming more accessible to regular people.

On-Chain Data and Order Flow Analysis

After evaluating order flow and on-chain data, price increases that exceed the high range can be attributed to spot purchases by large and small investors and traders. This is another sign that Bitcoin is gaining more traction in the investment world.

Conclusion

The growth of the Bitcoin network by nearly 1 million new addresses shows that Bitcoin is becoming more popular among investors. This growth in the non-zero balance wallet category indicates that more people are investing in Bitcoin and holding onto it. The increase in new retail funds flooding into BTC is driving the growth in purchases. The on-chain data and order flow analysis show that spot purchases by large and small investors and traders are driving the price increase.

FAQs

1. What is Bitcoin?
– Bitcoin is a decentralized digital currency that can be transferred from one person to another without the need for a middleman.
2. What is a non-zero balance wallet?
– A non-zero balance wallet is a Bitcoin wallet that has a balance in BTC, indicating that Bitcoin has been deposited into it.
3. What is on-chain data analysis?
– On-chain analysis involves analyzing activity that occurs on the Bitcoin network itself, rather than tracking activity on exchanges or other financial platforms.

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