Bitcoin Active Addresses Recovers Above 1 Million

The number of bitcoin active addresses had declined following the September market crash but promptly picked up again in October. At the beginning of December, another dip rocked the market that sent addresses plummeting once more. The number had dropped well below the one million mark for the majority of November and stayed low during the bull rally.

Despite the red trends recorded by the market, the first week of December has proven to be good for the market. The number of bitcoin addresses rose significantly in the last seven days, putting bitcoin well above the one million mark once more.

Related Reading | Majority Of Bitcoin Investors Got In This Year, Says Grayscale

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Active Addresses Clock One Million

The number of active Bitcoin addresses has climbed above one million multiple times this year. Following the market crash in April, this number had risen to one of its highest points cine January, settling above 1.2 million active addresses. However, the May spike would prove to not last as a sharp decline between June and July brought the number to its lowest point for the year.

This dragged on with the summer lull as the number of active addresses had plunged below 750,000. However, there has been a steady climb in this number all through the rallies that followed with the eventual endpoint landing above one million active addresses. This represents a seven-month high since the decline in June.

Chart showing number of bitcoin active addresses

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BTC active addresses climbs | Source: Arcane Research

The recovery in the number of bitcoin active addresses looks to be following the sell-off trend similar to the May climb. As prices drop, investors are usually taking advantage of this to add to their positions, while those who could not get in because the asset’s price was too high could use the price dips as a perfect entry point into the market.

However, the sell-offs happening in the market could also cause the number of active addresses to decline again as investors offload their holdings on the market.

Related Reading | Bitcoin Open Interest Takes Second Largest Dump Of 2021

Bitcoin Unrealized Profit Declines

As the number of bitcoin active addresses has risen, unrealized profits have gone the opposite direction. The last price job brought down unrealized profit to a smaller margin. The Market Value to Realized Value (MVRV) had peaked in October after the bitcoin price rally at 2.82 but has subsequently dropped to 2 in December.

Chart showing bitcoin unrealized profits

BTC unrealized profits decline | Source: Arcane Research

This is not to say that MVRV is sitting at a disadvantaged position as 2 falls into the healthy range given that unrealized profits are down for the month. According to Arcane Research, this means that investors are less likely to sell given that the profit margin for their investments is low.

MVRV hit its highest point in the spring at 3.96, a four-year high since the last record set at 4.72 in 2018. It touched a low for the year in mid-July this year, ending up at 1.54.

Bitcoin price chart from

BTC continues to suffer dips | Source: BTCUSD on
Featured image from iStock, charts from Arcane Research and


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Bitcoin Addresses Holding 1 BTC or Less Steadily Growing

According to a cryptocurrency statistics tracker Glassnode, the number of bitcoin addresses holding 1 BTC or less has accumulated 5.20% of the total bitcoin supply. 

Digging Into The Future

Glassnode revealed the share of all mined BTC by these addresses three years ago was 3.97%, which has now increased by 1.23%. BTC has been running circles between the $53K and $61K zones during the week, as analysts debate whether the market will tread a bullish trend or grow bearish.

At press time, the BTC market cap stands at $992 billion. Glassnode’s insight suggests that the world’s most famous cryptocurrency is becoming a formidable asset at an alarming rate.

Despite its limited supply, BTC is becoming an everyday go-to investment idea to small and huge investors alike, with many being bullish. The report from Glassnode gives a glimmer of hope that the number of addresses with BTC could continue to rise. Data from CryptoQuant shows BTC supply in exchanges has decreased from 2.36M to 2.33M in the past week. 

BTC Investment Trends

The previous all-time high of the addresses accumulated share of bitcoin’s supply was 4.5%. It saw a decline during the BTC price upward trend at the end of last year when the cryptocurrency’s price stood above the $42K mark. Additionally, whale BTC wallets have witnessed an almost 1% increase over the previous 12 months. According to Glassnode, wallets holding 100 bitcoin or more currently carry 62.62% of the total supply.

Nevertheless, Glassnode statistics also show the total supply in addresses holding 10 to 100 BTC has decreased by 56K bitcoin. Furthermore, the supply in humpback wallets has also declined by eyebrow-raising 307K bitcoin. The number of investors going big on the highly acclaimed cryptocurrency could arguably be selling while small investors display HODL-ish characteristics.

Institutional Investment Effects

Financial institutions might have also boosted people’s interested in BTC, as companies like Visa and MasterCard are allowing users to purchase bitcoin on their network. Companies like Tesla are now accepting settlements in BTC. It also revealed that the payments will not be converted to fiat but will get stocked as cryptocurrency. New York-based bank Morgan Stanley became the latest U.S. financial institution to offer access to BTC for its deep pocket clients.

Institutional investing in cryptocurrency is on the rise, given that banks are now slowly diving into offering cryptocurrency services. Binance CEO Changpeng Zhao tweeted that he will buy a Tesla if the car company accepts cryptocurrency, presumably because Tesla has decided to HODL purchases made in BTC. 

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