Hello!
Today we saw a dip in the price of Bitcoin, it went from $9,600 to $9,300. The traditional markets and the digital gold are still correlated and any macro event has its effects in the Bitcoin price too.
If we take a look at the fundamentals, the number of wallets HODLING 1 Bitcoin is increasing.
People is buying BTC and holding it, this is unstoppable!
What are people doing with their Bitcoin in 2020?
I decided to take a closer look about the evolution of the number of Bitcoin addresses depending on their Balance. I filtered by 2020 and then I checked if they are increasing, decreasing or remain stable over the year.
Here are the results:
- Addresses with Balance ≥ 0.01 - INCREASING
- Addresses with Balance ≥ 0.1 - INCREASING
- Addresses with Balance ≥ 1 - INCREASING
- Addresses with Balance ≥ 10 - SLIGHTLY INCREASING
- Addresses with Balance ≥ 100 - SLIGHTLY DECREASING
- Addresses with Balance ≥ 1k - HODLING
- Addresses with Balance ≥ 10k - HODLING
The number of Bitcoin Whales is being stable during the 2020. It doesn't mean 100% that they are not selling part of their balances, but it can be an estimation of the overall behavior.
However the number of Balances with more than 100 Bitcoins is slightly decreasing this 2020.
Overall we can conclude that we are not able to determine a strong movement of people selling or buying BTC in large quantities.
What we can clearly see is that more and more people is HODLING lower amounts of Bitcoin. This is really healthy for the network, Bitcoin being distributed to the lower levels.
Enjoy! 😊
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