Bitcoin HODL Waves Suggest Bull Run Has Barely Started
The Rise of Bitcoin Wallet Addresses: “Obviously Bullish”
The number of Bitcoin wallet addresses has risen to see new record highs, despite the fact that Bitcoin price has not spiked.
Analytics data services Glassnode has stated that there is a bullish trend at present, with Bitcoin addresses holding more than one hundred Bitcoin hitting record highs. According to the data, the number of Bitcoin wallets is now sitting at 16,159, testing the previous high recorded in the second week of June.
#Bitcoin $BTC Number of Addresses Holding 100+ coins just reached a 6-month high of 16,159
Previous 6-month high of 16,158 was observed on 08 June 2020
— glassnode alerts (@glassnodealerts) October 19, 2020
Additionally, the number of non-zero Bitcoin wallet addresses reached an all-time high on Monday. According to Glassnode, the previous all-time high was recorded the day before, with an additional 5,000 wallets adding to the count within the 24-hour gap:
“Number of Non-zero Addresses just reached an ATH of 31,913,344 Previous ATH of 31,908,804 was observed on 18 October 2020.”
The rise in Bitcoin wallet addresses indicates bullish trend
At the beginning of the month Cole Garner, a cryptocurrency analyst and market expert, highlighted the staggering increase. He noted that the backstory to the surge is bullish, and the Bitcoin wallet increase could be indicative of a bull rally catalyst.
1/ New #bitcoin addresses were absolutely off the charts last week.
The backstory is bullish and intriguing — a unique view on a new bull market catalyst.
I’m about to break this down 👇#BTC pic.twitter.com/GPZ1e3mzAr
— Cole Garner (@ColeGarnerBTC) October 5, 2020
The thread offers a hypothesis towards the spike in Bitcoin wallets, pointing towards the Bitcoin mining industry as a possible answer to the jump.
Garner’s outlook on the bullish nature of the market echoes that of on-chain analyst Willy Woo, who noted that the case of wallets increasing without the price of Bitcoin driving up is a rare one, but bullish at the core:
We’re seeing a spike in activity by new participants coming into BTC not yet reflected in price, it doesn’t happen often. This is what traders call a divergence, in this case it’s obviously bullish.
Chart by @glassnode pic.twitter.com/WrQueYL9up
— Willy Woo (@woonomic) September 30, 2020