Glassnode: Bitcoin has passed the mark of 1 billion addresses
According to the analytical company Glassnode, users have created more than 1 billion BTC addresses
"The total number of BTC addresses ever created has exceeded 1 billion. Current quantity: 1 000 002 559»
According to Glassnode, the share of BTC owned by long-term holders compared to short-term holders suggests that the asset has not yet reached the bottom:
"At the height of the previous bear markets, the supply share of long-term holders exceeded 34%, and the share of short-term holders fell to 3-4%.
At the moment, short-term holders still have 16.2% of the supply, that is, there should be a redistribution of coins in favor of convinced holders. In fact, despite the presence of many signals of bottom formation, the market still needs time to establish a stable bottom"
There are also risks that in the coming months most miners will be forced to sell BTC in order to stay afloat:
"The duration of the miners' capitulation in the bear market of 2018-2019 was about 4 months, and the current cycle began only 1 month ago. Now the miners have about 66,900 BTC. Thus, there will be a risk of further sell-off in the next quarter if the BTC exchange rate does not recover."
According to the company, bitcoin is entering the final stage of a bear market, when both long-term and short-term holders are facing increasing pressure from sellers. The market may need further downward steps to test the true conviction of the holders and form the final bottom.
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