Say goodbye to the bear market blues; welcome to the network, bitcoin (BTC) followers. In the past week, the number of Bitcoin wallet addresses containing one or more BTCs increased by 13,091. The total number of total residents increased by 865,254.
The number of “full rabbits” exploded during the price reduction, as shown by the growth of hockey sticks on the Glassnode chart:
Christian Ander, founder of Swedish bitcoin exchange BT.CX, told Cointelegraph: “It’s good for the bottom – up ecosystem, because we want the economy to be bottom – up.” Andrew continues:
“People strongly believe in the future of the Bitcoin network and the value of the currency.”
In the last 10 days since the market fell to $ 30,000 on May 10, over 14,000 total coins have entered the network. Since only 21 million bitcoins will ever be extracted, these wallet addresses will own twenty-one million of all bitcoins.
At an approximate price of $ 20,000 per bitcoin, the increase in the number of “major residents” suggests that individuals – or the so-called “plebs” are affectionately – buying bitcoins as fast as their income allows. The number of addresses sending 0.1 BTC ($ 2,000) or more has also started to run parabolic in the last ten days.
In contrast, the number of wallets with more than 100 BTC fell by 136 over the same period. By deduction, the “whale” wallet (wallet addresses that contain large amounts of BTC) may be unloading their bags.
Read also: President El Salvador Responds to Bear Market Concerns with Advice on Bitcoin
When Satoshi Nakamoto first mined bitcoin on January 9, 2009, the coefficient was Gini 1, which means that revenue inequality on the network has never been higher. The Gini coefficient, developed by statistician Corrado Gini, reflects the inequality of income or wealth within a social group. In the case of bitcoin, it can be matched to wallet addresses.
As soon as Hal Finney, the early adopter of bitcoins, started mining and acquiring bitcoins, Gini’s coefficient fell below 1. It has been falling steadily ever since, indicating that the distribution of wealth on the bitcoin network is becoming more equitable.
As for Ander, he told Cointelegraph “he stacked more SATs yesterday! “.