Bitcoin (BTCUSD)

[ap17]

WALLET CHECK 📈
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
And 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 53,108,054 addresses with a positive balance.

Two weeks ago this metric was at 52,708,344 wallets.

That’s an increase of +399,710 wallets. 😱

An absolutely MASSIVE increase.

Simple takeaway from this data:

Bitcoin adoption continues to grow, and 2024 marks the start of the ‘institutional era’.

15 years into its existence and the network is still expanding every single year.

Bullish. 🐂