• Bitcoin Total Addresses Have Grown By 3.95% During The Last Two Months
• Recent Growth Is A Sign Of Increasing Adoption
• Santiment Data Shows Value Of Supply Distribution Metric Is On The Rise
Bitcoin Address Growth Signals Adoption Acceleration
Total Addresses Up 3.95% in 2 Months
According to data from the on-chain analytics firm Santiment, BTC now has a total of 45.14 million addresses, an increase of 3.95% over the last two months. This is a strong indication that adoption of Bitcoin may be accelerating as more people are entering the network and creating new wallets.
Supply Distribution Metric Tracks Wallet Groups
The relevant indicator here is the “BTC Supply Distribution,” which tells us which wallet groups in the market include how many addresses right now. The wallet groups refer to cohorts divided based on the total number of coins they are currently holding, such as those with 1-10 coins or those with 11-1000 coins. Applying this metric to all wallet groups reveals the total number of active addresses across the entire network regardless of amount held in each wallet.
Value Of Supply Distribution On The Rise
Data from Santiment shows that value of this metric has been rapidly rising recently, indicating that a large number of new users are joining the network and driving adoption forward. This growth was initially observed around a year ago when bear markets were just setting in, but it slowed down during times like when LUNA collapsed and 3AC went bankrupted, resulting in sideways movement for this indicator for prolonged periods.
Increased Concentration on Whales Noted
Interestingly enough, data from Glassnode also indicates that Bitcoin supply is becoming less concentrated on whales over time, suggesting that new users entering the system are not necessarily big holders who can move prices significantly when they act en masse but rather smaller ones who simply want to use or invest in cryptocurrency without significant capital commitment at first instance.