Almost a million newly created wallets added to the Bitcoin Network in a month.
According to the data from on-chain analytics, Glassnode, 913,300 fresh wallets have been added to the Bitcoin network from the period between Nov to early Dec.
We saw almost 913,000 addresses added from November 1- December 1 2021.
Was this just an outlier fueled by excitement after recently hitting an ATH? Was it the start of a broader trend?
TBD- As always, I’ll be monitoring this…
Data from @glassnode
— On-Chain College (@OnChainCollege) December 29, 2021
The number suggests a beginning of broader adoption trend, though not Conclusive yet. While the market, specifically Bitcoin, seems to be in a Bearish Zone, twitter flood explicates a firm macro outlook for the Premier coin. Data shows, the number of Bitcoin wallets containing BTC’s greater than zero have increased from 30 million to almost 40 million in Jun 2020 to Dec 2021 period.
Glassnode describes wallets containing some positive value as non-zero wallets. When the number of non-zero wallets increases, it suggests more of the masses are entering the Bitcoin Network, on contrary, a decrease in the number shows masses are leaving the network. Single most critical factor that drives the trend is Bitcoin’s price action. When the Bitcoin goes down people usually liquidite their investments, whereas, when the Bitcoin goes up people begin to shove their money into the network.
For instance, during May to July this year more investors were emptying their wallets to zero, because of the fact that Bitcoin was going downwards. So, there is an obvious direct relationship.
Moreover, seeing the data one should ask the question, whether new entrances are merely based upon the excitement kindled by Bitcoin hitting all time high, or does it actually suggest a beginning of a broader trend?
Now though the evidence is not that clear for both side of the spectrum, one thing that for sure could be inferred is that we need a lot more data to conclude that it is actually the beginning of a potential broader trend.