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Number of Bitcoin Addresses Reaches New All-Time High — BTC On-Chain Analysis

1 Mins read

BeInCrypto takes a look at on-chain indicators for Bitcoin (BTC), more specifically the number of addresses with a non-zero balance and the number of coins they are holding.

cryptonews.net

The number of BTC addresses has been steadily moving upwards since March when it was below 30 million.

On April 23, it reached a new all-time high of 38,704,373 (black circle). The all-time high nearly coincided with the then BTC price all-time high of April 14.

While the number of addresses dipped throughout May and September, it eventually reached a new all-time high of 38,734,240 (blue circle) on Nov 20. This means that the increase in the BTC price was also accompanied by an increase in new market participants, as evidenced by the number of new addresses.

However, a look at accounts holdings between 1 BTC and 100 BTC paints a different picture.

Accounts with more than one (light blue) and those with more than 10 (blue) are considerably far from their all-time highs. Interestingly, accounts with more than 10 BTC reached an all-time high in March, prior to the all-time high of the BTC price.

This makes sense intuitively, since large accounts usually accumulate during downtrends, while small accounts do so closer to the top when large accounts are distributing. Therefore, one increases while the other decreases.

With this in mind, it’s important to note that both have been moving upwards since the July lows.

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