Another approximately 620,000 new Bitcoin (BTC) addresses, holding 0.1 BTC or less, have joined the network since the top cryptocurrency’s market cap topped $20,000 on January 13, according to data derived from a Santiment report.
According to the blockchain analytics firm many of these addresses are investors who acted in fear of missing out on a big opportunity (FOMO) when they saw Bitcoin continually rise, a surge that took BTC up to $24,000 in about a month.
It is telling to note that during this period, Bitcoin market sentiment reached the “greed” zone for the first time since March 2022, which was between “fear”. This indication reveals that optimism about Bitcoin’s future is returning to the ranks of investors.
The total number of this category of Bitcoin addresses reached 39.8 million, always according to Santiment, a performance that is the highest recorded since November 19, when FTX had crashed.
More decentralized
According to Bitcoin analysts, this kind of accumulation, meaning a significant increase in addresses with 0.1 or less Bitcoin, is very good for the network, as it makes it increasingly decentralized. That is, more and more everyday people are entering the network, with no particular financial background.
The action of a “whale”
In the meantime, there was one particular transaction that caught Santiment’s attention. A so-called “whale”, on February 4, went from 0 BTC to 13,369 BTC in just one transaction. The analytics firm noted that this was the largest BTC transaction in the last four weeks.
Bitcoin falls after rumors
After a solid price performance in January, the price of Bitcoin is showing a decline in February, following a rumor that the SEC will seek to stop staking in cryptocurrencies for retail investors (i.e. everyday people) only.
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