Home Latest Active Bitcoin addresses surged 30% in late July, data shows

Active Bitcoin addresses surged 30% in late July, data shows


The list of addresses that store more than 1000 Bitcoins (Bitcoin Rich List) has grown by 30% over the past 12 months.

Even if we exclude the (verified) addresses of cryptocurrency exchanges, the data will show similar growth.

2148 addresses contain over 1000 Bitcoins, which is only 0.01% of all Bitcoin addresses.

Over the past 12 months, the growth of large Bitcoin addresses has been rapid. Analyst Willy Woo believes that the reason for this could be the arrival of large investors in the market.

He drew attention to the drop in bitcoin from $ 6,400 to $ 3,200 in the last quarter of 2018. Experienced investors most likely took advantage of the decline in prices to buy Bitcoin at low prices; which led to the growth of large Bitcoin addresses.

Other observers, however, not inclined to equate the growth in the number of such Bitcoin addresses with the growth in the number of large players in the market. After all, an investor can transfer 50,000 Bitcoins from one address to 50 or 5,000 different addresses. In addition, cryptocurrency exchanges that store the Bitcoins of millions of users can distribute coins to various addresses in order to ensure safe storage.

Note that the volume of transactions on the network has been relatively low since September 2018; a sign that the list of large addresses has grown at the expense of exchanges; which tend to use a low number of transactions on the network to redistribute Bitcoins.

However, it is impossible to know for sure who is behind these addresses – an exchange or a large investor.

In addition, if we remove the well-known addresses of crypto-exchanges; then the number of buy-in Bitcoin addresses will still show an increase of almost 30%.

This confirms Woo’s hypothesis that the arrival of large human investors was the main reason for the growth in the number of these addresses.

Although, this growth may also show the continuation of the distribution of Bitcoins.

More good signs for Bitcoin?

For the first time in history; 9.23 million BTC have been accumulated at the addresses of large holders storing from 100 to 10,000 BTC.

Over the past four weeks, another 170,000 BTC has been accumulated on these addresses. This is almost half of all BTC mined to date; and taking into account the irretrievably lost coins, it is already much more.

The number of large addresses has also increased.

Experts point out that the main question now is: are we witnessing the so-called Disbelief Rally, when all market participants doubt the beginning of a new bullish trend, or is it a relief rally as part of a broader downtrend in the market (Bearish Relief Rally).

Recall that analysts from another popular resource Santiment also reported that, starting in mid-July, super-rich bitcoin investors accelerated the accumulation of reserves in BTC. In addition, Santiment noted a recovery in a number of on-chain activity indicators.

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