Onchain analysis

Bitcoin addresses surpass 1 billion!

According to Glassnode, BTC addresses surpassed 1 billion in July 2022. Many BTC users have more than one address but it is positive that BTC addresses have been increasing since inception.

New addresses are continuing an upward trend since 2013. There was clearly a big spike in 2018 and after experiencing a pull back in 2021 new addresses have began to regain some momentum. The bear market is a good opportunity for companies to quietly build and develop in readiness for the next bull market. I would expect to see the number of new addresses increase as volatility eases. This is a daily chart and there are roughly over 400,000 daily new addresses! Adoption continues even in the bear market.

Daily large transactions over $100,00

Interestingly the daily number of large transactions above $100,000 ranges from 25,000 - 15,000 moving from January to present. You’ll notice two peaks around significant price action. This data shows that BTC remains a highly active chain, tradable and desired asset.