The number of new Bitcoin (BTC) addresses surged to 352,124 recently, marking a significant uptick and the highest level observed since April indicating a return of retail investors to cryptocurrency despite ongoing price fluctuations.
Retail interest in Bitcoin has intensified despite the cryptocurrency’s struggle to maintain support above $61,000. It also shows an increasing number of bulls since many investors are buying coins at the current low prices.
The current number of BTC retail addresses has recently gone up implying that investors are regaining their trust. At the time of writing Bitcoin was trading at $60,847.16 an increase of 1.02% in 24 hours. Despite opinions from analysts like Mike McGlone cautioning against potential risks of normalization and deflation, retail investors appear undeterred in their bullish outlook.
According to data from Glassnode, the number of addresses holding at least 1 BTC, known as “wholecoiners,” has exceeded 1 million since May 2023, indicative of sustained long-term interest despite market fluctuations.
Out of the 19.7 million Bitcoins currently in existence, approximately 2.48 million are held by major centralized exchanges like Binance and Coinbase, highlighting substantial institutional involvement in the market. Additionally, an estimated 3 million Bitcoins are considered permanently lost or stolen, contributing to the scarcity narrative driving Bitcoin’s valuation.
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