Bitcoin Sees Number of Wallets Holding Non-Zero Balance Tap Record High
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The global adoption of Bitcoin (BTC), the world’s largest and most popular cryptocurrency by market capitalization, continues to grow as the number of BTC wallet addresses holding a non-zero balance reached a new record high. Crypto analytics firm Glassnode reported that the number of BTC addresses with a non-zero balance rose above 43.8 million, surpassing the previous record high of 43.76 million set in mid-November 2022.
This growth in non-zero addresses has been led by a surge in wallets holding a small amount of BTC, while the number of addresses holding larger amounts of the cryptocurrency has stagnated. This suggests a rotation in Bitcoin ownership from larger investors to smaller, new investors, which is often a sign of the beginning of a new Bitcoin bull market.
Glassnode Report Suggests Bitcoin Could be Positioning for a Rebound
Additionally, Glassnode’s Realized HODL Ratio (RHODL), which measures the spread of Bitcoin wealth distribution between experienced and newer investors, appears to be bottoming and rebounding. Historically, increased demand for BTC from new investors has been associated with long-term price appreciation in the Bitcoin market.
However, it’s important to note that rising non-zero address numbers alone are not a guarantee of a rising Bitcoin price. The increase in demand from new investors needs to be accompanied by evidence that the wealth is also rotating towards them, as was seen in the recent data. Nevertheless, the continued growth of non-zero addresses suggests that the global adoption of BTC is moving ahead despite the challenging bear market of 2022 and the uncertain global economic outlook for 2023.
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