- Bitcoin “prawn” wallets, which hold 1 bitcoin, recently increased to 43.2 million.
- Bitcoin addresses with 0.01 BTC or less have also hit an all-time high of 32.6 billion.
- The data also shows that bitcoin wallet gains have reached 70% following the recent price rally.
Bitcoin price recently hit an eight-month high when it hit a high above $25,000 last week.
Despite this, the latest market data from asset manager CoinShares shows that bitcoin investment products saw outflows of $25 million, roughly 78% of the $32 million that went out amid the negative sentiment. but a new reports Shares by crypto exchange Bitfinex indicate that bitcoin has still seen a massive increase in terms of the number of addresses with one BTC or less.
Bitcoin “Prawn” Addresses Reach 43.2 Million
According to the data shared in bitfinex alpha In the report published on Monday, February 20, 2023, bitcoin with less than one bitcoin or “prawn” recently reached 43.2 million – the highest count in the history of the flagship cryptocurrency.
There is no doubt that this has been helped a lot by the huge increase in addresses with 0.01 BTC or less. According to a Bitfinex report, and on-chain data from analytics platform Glassnode, the number of wallets with a balance of 0.01 BTC or less recently reached 32.6 million.
Overall, wallet addresses with non-zero balances are at an all-time high, which Bitfinex researchers say is a sign of an “inflow of new investors.”
As coinjournal recently CoveredPrawns actually increased their buying despite the fall in price after the FTX drop. And it is the increase in the number of non-zero wallets that may be fueling bitcoin’s recent upside move, the Bitfinex team noted in its report.
Is This the Start of a New Bitcoin Bull Market?
Bitcoin has been largely up in January and February, with total year-to-date gains of nearly 50% as of February 21. In fact, as glassnode data showsThe number of bitcoin wallets in profit (7-day moving average) has also just hit a 10-month high.
#bitcoin $BTC Percentage Addresses in Gains (7d MA) just hit a 10-month high of 70.955%
View metrics:https://t.co/ik5IkrcQZM pic.twitter.com/E9XGf1M3cT
— Glassnode Alerts (@glassnodealerts) February 21, 2023
Although analysts warn of a possible pullback amid profit booking in the cryptocurrency, the sentiment is still mostly bullish for BTC in the short term. And the recent increase in Shrimp wallet addresses aligns with historical market trends in a bear market.
In this case, with the entry of new short-term holders, bull markets have traditionally been highlighted by money distribution, a metric that helps signal changes in market direction.
However, as the Bitfinex analyst noted in his report, the latest data only “snapshot of current state, In short, it is difficult to predict where the market is headed at any given point in time.