The new report shows that the number of BTC wallets is surging from the past two to three months. Especially, addresses holding more than 0.01 BTC has witnessed a great spark in the past two months. This sudden uprise is correlative with two things: Bitcoin halving and COVID-19.
The crypto data analytics firm Glassnode published a graph showing at which rate BTC addresses, having more than 0.01 BTC, increased.
The graph reveals that the wallet ratio remained passive in January, and till the last week of February, it worked the same way as normal. The end of February and the start of March witnessed a sudden rise of new wallets with a balance of more than 0.01 BTC.
During the whole month of March, the numbers kept multiplying whereas the price value of Bitcoin plunged drastically in mid-March. There was no correlation between these two trends as shown clearly in the graph.
Recently, it has marked the figure 8,200,000 which means that 400,000 new wallets added to the current numbers thus making a 5% increase in just one month.
BTC Whales are also Increasing
Another report by Glassnode Insights claims that whales are accumulating in the markets. According to the report, whales holding with at least $1,000 reached the two-year highest figure and the number of addresses counted almost 1,840.
The interest of traders and investors in the Bitcoin shows that people are considering it a so-called ‘’safe-haven’’ asset during this time of global turmoil. Coronavirus has disrupted the financial markets all over the world. The governments are trying to stabilize the economy by printing more and more money. The printing in an abundant amount forced investors to look for a safe-haven asset such as Bitcoin.
However, the most important event of the leading asset ‘’Bitcoin halving’’ is approaching. This could be another reason why whales are accumulating bitcoins in their wallets. However, apparently, no significant increase is witnessed in the past two months.