Bitcoin’s non zero address hit a record high, exceeding 44.7 million

According to reports from Bitfinex, the Bitcoin network has grown by nearly 1 million new addresses. Buying BTCs belongs to the non zero balance category. After falling to about 43.8 million on or about February 23, 2023, the number of non zero balance wallets began to increase rapidly. Analysts at Bitlinex said that as new retail funds flooded into BTC, wallets with less than 1 BTC led the purchase. After evaluating order flow and on-chain data, price increases that exceed the high range can be attributed to spot purchases by large and small investors and traders.

Interpretation of this information:

In recent reports released by Bitfinex, it has been revealed that the number of Bitcoin network addresses has increased by almost 1 million. This growth is particularly notable in the category of wallets having a non-zero balance of BTCs. After decreasing to around 43.8 million on February 23, 2023, the number of non-zero balance wallets has risen rapidly. Analysts at Bitfinex have identified the surge to the infusion of new retail funds into the Bitcoin network, with wallets holding less than 1 BTC leading the purchases.

The key takeaway from the Bitfinex report is that there seems to be renewed interest in Bitcoin and cryptocurrencies, particularly among retail investors. Despite the recent price correction, many investors are optimistic about the future of digital currencies and are allocating funds accordingly. This is evident from the increase in the number of non-zero balance wallets, which indicates that more people are buying and holding BTCs.

Moreover, the report reveals that the recent price increases are due to spot purchases by both large and small investors. This supports the idea that BTC is increasingly becoming a mainstream investment asset and less of a speculative one. The fact that both retail and institutional investors are buying BTCs suggests that cryptocurrencies are increasingly seen as a legitimate asset class.

In conclusion, the Bitfinex report indicates that there has been a significant increase in the number of Bitcoin network addresses, particularly in wallets holding non-zero balances. This is a positive sign that more people are embracing cryptocurrencies as a legitimate investment asset. The report also suggests that the recent price increases are due to spot purchases by both retail and institutional investors. This further underscores the growing interest in BTC and cryptocurrencies.