On-chain data shows the number of Bitcoin wallets with a non-zero balance has set a new all-time high above 40 million.
Number Of Bitcoin Wallets With Non-Zero Balance Hits New ATH
As per the latest weekly report from Glassnode, the number of Bitcoin (BTC) wallets which hold a non-zero amount of coins has now captured a new ATH of around 40.16 million.
The “number of wallets with a non-zero balance” is an indicator which takes a loom each address on the chain and tells us how many of them presently hold some amount of Bitcoin.
When the cost of this metric goes down, it means investors have started to purge their wallets as they pull out of the market. This trend may be seen following a crash in the cost of the crypto.
On the other hand, although the indicator changes up, it implies more investors are entering the market as they are filling up fresh wallets with some amount.
Now, here is a chart which shows how the number of Bitcoin (BTC) wallets with a non-zero balance has movementd above the past five years:
The price of the indicator seems to be continuing on an uptrend despite the crash | Source: The Glassnode Week Onchain - Week 5, 2022
As you can see in the above graph, the number of Bitcoin addresses which are holding some rate has been going up afterward a throughout the time now, and has now set a new ATH above 40 million.
This uptrend in the indicator has protracted despite the crash in the rate of the crypto afterward it set the $69k all-time excessive.
This trend is divergent from what was observed following the 2017 and May 2021 tops. There, as the cost crashed down, a wallet purge likewise took place as investors exited the Bitcoin market.
2017 especially saw a very large scale exit of such wallets, in the time 2021’s purge was relatively smaller in comparison.
It seems the current trend is more comparable to the 2019 bear market where the metric has protracted to go up despite the rate decreasing down.
This could be a bullish sign for the cost of Bitcoin in the lengthy term as holders not leaving the market despite a three month downtrend shows they hold more conviction in the crypto.
Bitcoin (BTC) Price
At the time of writing, Bitcoin’s cost floats around $38.3k, up 5% in the go on seven days. The below chart shows the trend in the rate of Bitcoin (BTC) above the continue five days.
Bitcoin (BTC)'s rate seems to have held step-by-step atop the $38k mark in the extend few days | Source: Bitcoin (BTC)USD on TradingView
Featured image from Unsplash.com, charts from TradingView.com, Glassnode.com