Bitcoin wallet addresses increased by about 1 million in November, indicating that retail could be on the way.
Is it possible that retail investors be returning to Bitcoin (BTC)? Glassnode data shows that 913,000 new Bitcoin addresses were added from November to the beginning of December this year, indicating a bullish 2022.
On-chain analyst On-Chain College provided informative data about retail adoption and the potential start of wider adoption trends, which was a windfall for BTC. The most important message to end the year is that in November, up to 1 million new users entered the Bitcoin network.
Although the adverse price action in the short term, the Twitter stream demonstrates that BTC's macro view remains positive. From June 2020 to December 2021, the number of wallet addresses with a balance more than zero increased from 30 million to within reaching range of 40 million, as per the data.
The non-zero balance statistic is defined by Glassnode as the number of distinct addresses that contain a positive (non-zero) amount of coins. New users join the Bitcoin network as the number rises.Users drain their wallets to zero as it trends downward, as shown by the data from May to July this year. As a result, the decline in wallet addresses is a bearish price action indicator.
Because of November's newcomers, two concerns arise: Was this just a one-off incident fueled by elation after reaching an all-time high? Was it the beginning of a wider trend?
With Thanksgiving, Christmas, and Omicron concerns in November and December, it is encouraging to believe that potential investors will have more chances to know about Bitcoin and perhaps invest.
The December report supports the claim since the balance fluctuates for wallets holding 1 BTC or less often indicating small-scale investors attained their highest level since March 2020.
Although, there is a word of attention about retail's future.“Retail interest in Bitcoin is pretty much gone since the Spring”, William Clemente, a BTC analyst, tweeted a series of graphs with the message.
It is necessary to provide further evidence of retail. As it was extensively reported in October that institutions are preferring to buy Bitcoin over gold, Google Trends search data for "Bitcoin" is only a quarter of what it was in December 2017. The retail craze is still a long way off.