Bitcoin wallet addresses created in November inched toward 1 million

Could
retail
investors
be
flocking
back
to
Bitcoin
(BTC)?
In
encouraging

signs
for
a
bullish
2022
,
Glassnode
data
reveals
that
913,000
new
Bitcoin
addresses
were
added
from
November
to
the
start
of
December
this
year. 

In
a
boon
for
BTC,
on-chain
analyst
On-Chain
College
shared
insightful
data
regarding
retail
adoption
and
the
potential
beginnings
of
broader
adoption
trends.
The
key
takeaway
to
round
off
the
year
is
that
up
to
1
million
new
entrants
joined
the
Bitcoin
network
in
November.

Despite

bearish
price
action

in
the
short
term,
the
Twitter

flood

shows
that
the
macro
outlook
for
BTC
remains
sound.
According
to
the
chart,
from
June
2020
to
December
2021,
the
number
of
wallet
addresses
with
a
balance
greater
than
zero
has
trended
up
from
30
million
wallets
to
a
touching
distance
of
40
million.


Glassnode

describes
the
non-zero
balance
metric
as
the
number
of
unique
addresses
holding
a
positive
(non-zero)
amount
of
coins.
When
the
number
trends
up,

new
users
enter
the
Bitcoin
network
.

When
it
trends
down,
as
visualized
in
the
orange
line
on
the
graph
from
May
to
July
this
year, it
shows
users
emptying
their
wallets
to
zero
.
By
inference,
wallet
addresses’
fall
is
a
downward
price
action
indicator.



Related:




Bitcoin
dominance
falls
under
40%

In
light
of
November’s
new
entrants,
it
begs
two
questions:

Was
this
just
an
outlier
fueled
by
excitement
after
recently
hitting
an
all-time
high?
Was
it
the
start
of
a
broader
trend?

It’s
heartening
to
think
that
with
thanksgiving,
festive
celebrations
and
Omicron
fears
in
November
and
December,
potential
investors
have
more
opportunities
to
research
Bitcoin
and
potentially
invest.


Reporting
in
December
backs
up
the
claim
,
as
the
balance
changes
for
wallets
holding
1
BTC
or
less

typically
suggesting
smallscale
investors

reached
their
highest
since
March
2020.

However,
there
is
a
note
of
caution
regarding
the
future
of
retail.
William
Clemente,
oft-cited
in
Cointelegraph
and
a
BTC
analyst, tweeted
a
series
of
graphs
with
the
message
“retail
interest
in
Bitcoin
is
pretty
much
gone
since
the
Spring.”

More
evidence
of
retail
is
required.
While
it
was
widely
reported
in
October
that

institutions
are
buying
Bitcoin
rather
than
gold
,
Google
Trends
search

data

for
“Bitcoin”
is
a
quarter
of
what
it
was
during
the
December
2017
peak.
Evidently,
retail
mania
is
some
ways
off.

read original article here