Bitcoin wallet addresses created in November 2021 reportedly inch toward a million
Data from Glassnode has revealed that a total of 913,000 new Bitcoin addresses had been added between November and December 2021, pointing to a trend that retail investors might be flocking back to the largest cryptocurrency in what seems to be a bullish move for Bitcoin in the upcoming year, 2022.
In what appears to be a boon for Bitcoins, on-chain analyst On-Chain College has shared insightful data about retail adoption and the potential start of broader adoption trends. The key takeaway one can round off this year is that up to one million new entrants have reportedly joined the Bitcoin network in November 2021.
Despite its bearish price action in the short term, the recent Twitter flood shows that the macro outlook for Bitcoin overall remains sound. From June 2020 to December 2021, the number of wallet addresses having a balance greater than zero has been trending up from 30 million wallets to a touching distance of 40 million.
Further, Glassnode has described the non-zero balance metric as the number of unique addresses that hold a positive (non-zero) amount of coins. Whenever the number shows an upwards trend, new users begin entering the Bitcoin network.
Similarly, when it trends down, as visualized in the graph for May to July this year of the Glassnode data, it was reported that users were emptying their wallets to zero. By inference, wallet addresses’ fall has been a downward price action indicator.
According to November’s new entrants, it is anticipated whether it was just an outlier fueled by excitement after recently hitting an ATH or the beginning of a broader trend.
To think of it, it is heartening that amid the deadliest pandemic, the weeks following festive celebrations and Omicron fears in November and December have recorded potential investors as producing more opportunities in researching Bitcoin to invest in it.
Reports in December have backed up the claim, as the balance changes for wallets having 1 Bitcoin or less (that typically suggests smallscale investors) were seen reaching their highest since March 2020.
However, a note of caution about the future of retail was put forward by the Cointelegraph contributor and Bitcoin analyst William Clemente, wherein he tweeted a series of graphs conveying that “retail interest in Bitcoin is pretty much gone since the Spring.”
That said, more evidence of retail is required to make appropriate conclusions. While it was widely reported in October 2021 that institutions have been buying Bitcoin rather than gold, Google Trends search data for “Bitcoin” is a quarter of what it was during the December 2017 peak.
