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Number of new Bitcoin addresses plummets; What does it mean for BTC?

As most of the cryptocurrency market is back to trading in the bearish red after a short period of recovery, the public sentiment around its flagship digital asset – Bitcoin (BTC) – is following suit, as demonstrated by the declining number of new addresses on the network.

In fact, the number of new addresses created on the BTC network has dropped in the past few days, ending up at an average of 376,488 as of May 24, according to the tweet published by crypto analyst Ali Martinez on May 25.

New BTC addresses last 1-month. Source: Ali Martinez

As per the chart the crypto trading expert published alongside the tweet, the number of new Bitcoin addresses according to the seven-day moving average before May 20 stood at around 425,000, which means that in the meantime, this number has declined by around 11.41%.

Whales jumping Bitcoin ship as well?

At the same time, the number of Bitcoin whales – or the addresses holding at least 1,000 Bitcoin – has recorded losses as well. As per another chart tweeted by Ali Martinez on May 25:

“The number of addresses with a balance greater than 1,000 BTC has declined by 1.87% since May 12.”

Whale addresses last 1-month. Source: Ali Martinez

According to Martinez, “23 Bitcoin whales have left the network or distributed their holdings over the past ten days.” Currently, the number of Bitcoin whales stands at 2,203, which is a significant drop from April, when the pod of Bitcoin whales numbered around 2,280.

As things stand, Bitcoin is currently trading well below the $30,000 mark – specifically at $28,782 at the time of publication. This is a 2.57% decline on the day and a 2.91% slump compared to seven days before. 

The market capitalization of the largest cryptocurrency by this indicator currently stands at $548.30 billion, while the total crypto market cap has dropped 4.16% over the last day – to $1.21 trillion.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk. 

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