Bitrabo Editorial
The number of Bitcoin (BTC) addresses with a non-zero balance continues to rise, reaching yet another all-time high.
American regulators’ attempts to suppress the cryptocurrency industry have not deterred Bitcoin enthusiasts. The number of addresses containing some BTC has continued to increase.
Bitcoin Addresses as Indicators of Network Growth
According to on-chain analytics firm Glassnode, the number of non-zero BTC addresses has increased by 5.42 million in the past year.
Glassnode recorded this growth since the two significant crashes in 2022. The fall of the Terra/Luna ecosystem and FTX contributed to the addition of over one million addresses.
Moreover, another 4.36 million non-zero BTC addresses have been added since FTX’s fall in November 2022.
This growth in the number of addresses implies that “network adoption remains robust,” as per Glassnode.
Nonetheless, the metric for active addresses has been relatively flat since the cryptocurrency market’s peak in November 2021. Lookintobitcoin reports that there are currently 923,025 active BTC addresses as of June 4, with a significant decrease on May 13, but the situation seems to have improved.
Bitcoin addresses are undoubtedly increasing, but is anyone spending their BTC? If you want to read the remarkable story of a person who bought two pizzas for 10,000 BTC, click here!
Additionally, Binance and the SEC’s situation has garnered considerable fear, but the regulator has primarily targeted only Binance.US because the global exchange is beyond its jurisdiction. As a result of the enforcement action, there has been minimal BTC outflow from Binance. According to analyst and chart guru Willy Woo on June 7, “Binance customers don’t care. Not seeing much BTC leaving, not yet at least.”
According to Bitrabo’s report on June 6, Binance’s reserves had decreased by roughly 10,000 BTC, or a meagre 1.5% of the total.
BTC Price Rebounds
Bitcoin’s price movement today is another indication that traders are shrugging off American regulators’ hostility towards digital currencies.
Notably, Bitcoin is up 4.4% in the last 24 hours, trading at $26,908 as of the time of this writing.
The SEC’s twin lawsuits against Coinbase and Binance this week caused a drop to $25,587 on June 6. Nevertheless, this drop still falls within the range-bound channel, and BTC has since recovered all of the losses.
Despite regulators’ adversarial attitude, BTC has proven to be particularly resilient.
Disclaimer
As per the Trust Project standards, this piece of price analysis news is for informational purposes only and should not be viewed as financial or investment advice. While Bitrabo strives to provide accurate and impartial reporting, market conditions are subject to sudden change without notice. Always conduct your own research and seek professional advice before making any financial decisions.