Bitcoin’s price has been all over the place lately, but is adoption still growing? Let’s dive in.
Small Fry Are In, Big Fish Are Out?
A recent report from Santiment, an on-chain analytics firm, shows interesting trends in Bitcoin adoption. They looked at the number of Bitcoin addresses holding different amounts of BTC, dividing them into groups:
- Shrimp & Crabs: 0 to 0.1 BTC
- Dolphins: 0.1 to 100 BTC
- Sharks & Whales: 100+ BTC
The report shows that the number of addresses in the Shrimp & Crab and Dolphin groups has actually increased recently. This suggests more people are getting involved with Bitcoin, despite the price volatility. While the initial price drop saw a surge in these smaller investor groups, some did bail out as volatility continued. Still, overall growth is a positive sign.
The Whales Are Leaving the Building
However, the story is different for the Sharks and Whales (those holding 100+ BTC). The number of these large holders has decreased slightly over the past month. This is significant because these whales have a huge impact on the market. Santiment suggests that an increase in the number of whale addresses could be a strong signal of a broader market recovery.
What Does it All Mean?
While smaller investors are joining the Bitcoin game, the movement of the biggest players is worth watching closely. The decrease in the number of whale addresses might be more important than the increase in smaller investors. A return of the whales could be a bullish sign for Bitcoin’s future.
Bitcoin Price Rebound
Bitcoin’s price has recently climbed back above $90,000 after a recent dip.
