Bitcoin (BTCUSD)

[ap17]

From nutshell:

WALLET ADDRESSES EXPLODING 🤯
Today we’ll be taking a look at the number of addresses with a non-zero balance.

It provides a high level overview of the Bitcoin network’s user base/activity.

Keep in mind though, one wallet does not equal one user. A user can have many wallets.

What matters here is the trend of the chart.

Increasing number of addresses: increasing adoption levels 📈

Decreasing number of addresses: indicates users are selling their entire balance or consolidating wallets 📉

onchain
Notice how this chart has always been trending upwards?

A clear sign that the Bitcoin Network has expanded every single year.

As of today there are 52,521,810 addresses with a positive balance.

Two weeks ago this metric was at 52,092,112 wallets.

That’s an increase of +429,698 wallets. 😱

The likely reason for this insane growth over the past two weeks is the rise of Bitcoin Ordinals & Runes.

Ordinals are basically NFTs for Bitcoin.

And Runes allow the creation of memecoins and other tokens on Bitcoin.

If you’d like to learn more about Ordinals & Runes, click here.

Simple takeaway from this data:

The use-cases of Bitcoin are still growing, 15 years into its existence.

And the network continues to expand every single year.

Bullish.