Let’s check them wallets.
Today we’ll be taking a look at the number of addresses with a non-zero balance.
It provides a high level overview of the Bitcoin network’s user base/activity.
Keep in mind though, one wallet does not equal one user. One user can have many wallets.
What matters here is the trend of the chart.
- Increasing number of addresses: increasing adoption levels 📈
- Decreasing number of addresses: indicates users are selling their entire balance or consolidating wallets 📉 onchain
Notice how this chart has always been trending upwards?
A clear sign that the Bitcoin Network has expanded every single year.
As of today there are 52,575,685 addresses with a positive balance.
Two weeks ago this metric was at 52,521,810 wallets.
That’s an increase of +53,875 wallets.
With Bitcoin’s recent price movement from $60,000 to ~$67,000,it looks like interest is returning…
Simple takeaway from this data:
- Bitcoin adoption continues to grow, and 2024 marks the start of the ‘merchants era’.
- 15 years into its existence and the network is still expanding every single year.