Data on the series shows that the Bitcoin network continues to see adoption amid volatility, with the exception of a single investor group witnessing a decrease.
Bitcoin addresses with 100+ BTC shrinking the number
In new mail In X, Santiment in the series talked about how bitcoin adoption appeared recently. The importance indicator here is the “supply distribution”, which tells us, among other things, the number of addresses belonging to a specific currency group.
Investors or addresses are divided into these dust based on the balance they are now carrying. For example, the Coins 1 group includes 10 governorates with at least 1 features of encrypted currency.
In the context of the current topic, three wide currency ranges are important: 0 to 0.1 coins, 0.1 to 100 coins, and 100 metal pieces. The first of these groups is covered by small investors such as shrimp, crabs and dolphins, while the third range represents the large market holders, called sharks and whales.
Now, here is the graph that the analysis company shares, which shows the trend in the distribution of bitcoin supplies for all of these three during the past few months:
Looks like two of the groups have seen the metric go up in recent weeks | Source: Santiment on X
As shown in the graph above, each of a group of 0 to 0.1 and 0.1 to 100 coins have witnessed the lack of supply to them recently, which means that more addresses of these sizes have appeared on the network.
During the past month, the previous group recorded an increase of 37390 and the last 12754. Although the two already noticed a remarkable increase, this growth did not come directly, especially for a group of 0 to 0.1 coins.
From the graph, it is clear that the initial collapse in the price of encoded currency caused an increase in the number of these groups, but as the assets continue to fluctuate, some of these investors fled to the market.
However, the fact that some pure adoption occurred during this period of volatility can be a positive sign on bitcoin. However, something that may be bullish is the trend in the scale for sharks and whales.
Compared to one month ago, the portfolio of 100+ coins witnessed a decrease in number 6. This is not a significant decrease, of course, but in general, the effect of any investor in the market rises to more metal currencies they hold, so these investors with their huge property will occupy a particularly major place.
As such, the decrease in the number of sharks and whale headlines may be more important than the adoption that occurred for small entities. “I am looking for 100+ BTC wallets to start growing in the number as a sign that the coding process has returned to the horizon,” Santint says.
BTC price
Bitcoin gradually recovered from the low prices during the past few days, as its price has now increased above 90,000 dollars.
The price of the coin has displayed some volatile action recently | Source: BTCUSDT on TradingView
Distinctive image from Dall-E, Santiment.net, Chart from TradingView.com
