{"id":518811,"date":"2023-02-06T23:00:32","date_gmt":"2023-02-06T23:00:32","guid":{"rendered":"https:\/\/uniquehot.com\/?p=518811"},"modified":"2024-06-11T08:11:47","modified_gmt":"2024-06-11T08:11:47","slug":"bitcoin-small-addresses-rapidly-growing-means","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-small-addresses-rapidly-growing-means\/","title":{"rendered":"Bitcoin Small Addresses Have Been Rapidly Growing, Here’s What It Means"},"content":{"rendered":"

On-chain data shows that the number of small Bitcoin addresses has rapidly grown recently. Here’s what it may mean for the market.<\/p>\n

Bitcoin Addresses With 0.1 BTC Or Less Have Sharply Risen In Number Recently<\/h2>\n

According to data from the on-chain analytics firm Santiment<\/a>, 620,000 new small addresses have appeared on the network since the 20th of last month. The relevant indicator here is the “BTC Supply Distribution<\/a>,” which measures the number of Bitcoin addresses that currently fall inside each wallet group in the market.<\/p>\n

The “wallet groups” here refer to ranges that define the number of coins inside wallets falling into a particular group currently holding them. For example, the 10 to 100 coins group includes all BTC addresses holding between 10 and 100 BTC.<\/p>\n

If the Supply Distribution is applied on this wallet cohort, then the indicator would tell us the total number of addresses on the network that satisfy this condition.<\/p>\n

Related Reading: Cardano Whales, Sharks Have Accumulated 406M ADA In 2023: Santiment<\/a><\/div>\n

The wallet group of interest here is the 0 to 0.1 coins band. Here is a chart that shows the trend in the Bitcoin Supply Distribution for this cohort over the last few months:<\/p>\n

\"Bitcoin<\/p>\n

Looks like the value of the metric has been climbing in recent days | Source: Santiment on Twitter<\/a><\/pre>\n
The 0 to 0.1 coins wallet group comprises multiple cohorts (three, to be precise); their data has just been merged to display as one group. The significance behind this range is that it covers all the small investors in the Bitcoin market.<\/p>\n
Many such holders are new to the market, so data of this range can tell us about the general interest in the cryptocurrency and whether it’s attracting users right now.<\/p>\n
Related Reading: Bitcoin Price Dips As Dollar Rips, Key Support Nearby<\/a><\/div>\n
As shown in the above graph, the Supply Distribution’s value for the 0 to 0.1 coins cohort had been moving sideways during the second half of 2022, showing that there weren’t many small investors ushering into the network, likely because of the dull bear market price movement.<\/p>\n
In November, following the collapse of crypto exchange FTX<\/a>, the number of wallets falling into this band finally observed a rapid rise. The volatility due to the crash and the potential bottom probably attracted new investors to the asset.<\/p>\n
However, the increase didn’t last long, and the metric’s value soon sunk back to the average values for the year. Since 2023 has started, though, the indicator has been seeing some fresh growth again.<\/p>\n
Around 620,000 new Bitcoin addresses appeared belonging to these small investors since the 13th of January when BTC reclaimed the $20,000 level. This suggests that the latest rally<\/a> has encouraged new investors to enter the market. Santiment notes that, unlike in 2022, trader optimism has returned to the Bitcoin network this year.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around $23,000, down 1% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
BTC seems to have declined in the last few days | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Andr\u00e9 Fran\u00e7ois McKenzie on Unsplash.com, charts from TradingView.com, Santiment.net<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows that the number of small Bitcoin addresses has rapidly grown recently. Here’s what it may mean for the market. Bitcoin Addresses With 0.1 BTC Or Less Have Sharply Risen In Number Recently According to data from the on-chain analytics firm Santiment, 620,000 new small addresses have appeared on the network since the 20th of last month. The relevant indicator here is the “BTC Supply Distribution,” which measures the number of Bitcoin addresses that currently fall inside each wallet group in the market. The “wallet groups” here refer to ranges that define the number of coins inside wallets falling into a particular group currently holding them. For example, the 10 to 100 coins group includes all BTC addresses holding between 10 and 100 BTC. If the Supply Distribution is applied on this wallet cohort, then the indicator would tell us the total number of addresses on the network that satisfy this condition. Related Reading: Cardano Whales, Sharks Have Accumulated 406M ADA In 2023: Santiment The wallet group of interest here is the 0 to 0.1 coins band. Here is a chart that shows the trend in the Bitcoin Supply Distribution for this cohort over the last few months: Looks like the value of the metric has been climbing in recent days | Source: Santiment on Twitter The 0 to 0.1 coins wallet group comprises multiple cohorts (three, to be precise); their data has just been merged to display as one group. The significance behind this range is that it covers all the small investors in the Bitcoin market. Many such holders are new to the market, so data of this range can tell us about the general interest in the cryptocurrency and whether it’s attracting users right now. Related Reading: Bitcoin Price Dips As Dollar Rips, Key Support Nearby As shown in the above graph, the Supply Distribution’s value for the 0 to 0.1 coins cohort had been moving sideways during the second half of 2022, showing that there weren’t many small investors ushering into the network, likely because of the dull bear market price movement. In November, following the collapse of crypto exchange FTX, the number of wallets falling into this band finally observed a rapid rise. The volatility due to the crash and the potential bottom probably attracted new investors to the asset. However, the increase didn’t last long, and the metric’s value soon sunk back to the average values for the year. Since 2023 has started, though, the indicator has been seeing some fresh growth again. Around 620,000 new Bitcoin addresses appeared belonging to these small investors since the 13th of January when BTC reclaimed the $20,000 level. This suggests that the latest rally has encouraged new investors to enter the market. Santiment notes that, unlike in 2022, trader optimism has returned to the Bitcoin network this year. BTC Price At the time of writing, Bitcoin is trading around $23,000, down 1% in the last week. BTC seems to have declined in the last few days | Source: BTCUSD on TradingView Featured image from Andr\u00e9 Fran\u00e7ois McKenzie on Unsplash.com, charts from TradingView.com, Santiment.net<\/p>\n","protected":false},"author":542,"featured_media":518828,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,11680,87783,87782,1119,1144],"class_list":["post-518811","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-bullish","tag-bitcoin-small-addresses","tag-bitcoin-supply-distribution","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Small Addresses Have Been Rapidly Growing, Here's Why<\/title>\n<meta name=\"description\" content=\"On-chain data shows that the number of small Bitcoin addresses has rapidly grown recently. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/uniquehot.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Small Addresses Have Been Rapidly Growing, Here’s What It Means","url":"http:\/\/uniquehot.com\/news\/bitcoin-small-addresses-rapidly-growing-means\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-small-addresses-rapidly-growing-means\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/02\/andre-francois-mckenzie-iGYiBhdNTpE-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/02\/andre-francois-mckenzie-iGYiBhdNTpE-unsplash-scaled.jpg?fit=2560%2C1710"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin bullish","bitcoin small addresses","bitcoin supply distribution","btc","btcusd"],"dateCreated":"2023-02-06T23:00:32Z","datePublished":"2023-02-06T23:00:32Z","dateModified":"2024-06-11T08:11:47Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Small Addresses Have Been Rapidly Growing, Here’s What It Means\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-small-addresses-rapidly-growing-means\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-small-addresses-rapidly-growing-means\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/02\\\/andre-francois-mckenzie-iGYiBhdNTpE-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/02\\\/andre-francois-mckenzie-iGYiBhdNTpE-unsplash-scaled.jpg?fit=2560%2C1710\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin bullish\",\"bitcoin small addresses\",\"bitcoin supply distribution\",\"btc\",\"btcusd\"],\"dateCreated\":\"2023-02-06T23:00:32Z\",\"datePublished\":\"2023-02-06T23:00:32Z\",\"dateModified\":\"2024-06-11T08:11:47Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/02\/andre-francois-mckenzie-iGYiBhdNTpE-unsplash-scaled.jpg?fit=2560%2C1710","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/518811","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=518811"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/518811\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/518828"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=518811"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=518811"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=518811"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}