The number of wallets holding BTC continues to climb...
As I type, the number of bitcoin wallets holding at least .1 BTC in them continues to climb.
Making yet another record high...
Check it out:
(Source:
)https://twitter.com/glassnodealerts/status/1271612151443193856
- glassnodealerts
As of June 13th, there are now 3,054,282 wallet addresses with at least .1 BTC in them.
This breaks the previous record by 212 addresses, which was observed on May 21st.
Why do we use the .1 BTC metric to measure users?
At current market prices that .1 BTC represents roughly $940 worth of BTC.
Which is why it is important to have some kind of lower bound when trying to figure out the actual number of users associated with these wallets...
Some users have a different BTC address for every transaction which is why only counting wallets with at least .1 BTC is important.
As we have many address that are created and used and then never used again, which would greatly inflate our number of addresses compared with out number of users.
We can still have many users with multiple wallets of course, but once we start getting up around $940 we start eliminating those wallets with dust amounts left in them that are likely never to be used again.
Which can better give us an estimate to how many people are actually participating in BTC.
Though, keep in mind that BTC held on exchanges may be counted as only 1 or 2 wallets even though they may represent hundreds or thousands of users.
Either way, a climbing trend of wallets holding at least .1 BTC is very likely an indicator of growth, no matter how you slice it.
Stay informed my friends.
-Doc