The number of bitcoin addresses holding a non-zero amount of BTC continues to rise, recently hitting another all-time high.
Bitcoiners seem undeterred by American regulators’ efforts to stifle the crypto industry. The number of addresses with at least some BTC has continued to grow.
Bitcoin deals with signal network growth
According to on-chain analytics platform Glassnode, the total number of non-zero BTC addresses has increased by about 5.42 million over the past year.
Glassnode has measured growth since the two catastrophic collapses in 2022. More than a million addresses were added between the collapse of the Terra/Luna ecosystem and the fall of FTX.
Additionally, another 4.36 million non-zero bitcoin addresses have been added since FTX collapsed in November 2022.
The number of bitcoin addresses with a non-zero balance. Source: Twitter/Glassnode
The growth in addresses suggests that “network adoption remains resolute,” it said.
However, the active address metric has remained relatively flat since the crypto market peaked in November 2021. Lookintobitcoin is currently reporting that there were 923,025 active BTC addresses as of June 4th. There was a significant drop on May 13, but things appear to have recovered.
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Additionally, there has been a lot of ambiguity surrounding Binance and the SEC. The regulator has largely hounded Binance.US as the global exchange falls outside of their purview.
As a result, there has been very little BTC outflow from Binance since the enforcement action. On June 7, analyst and chart guru Willy Woo said:
“Binance customers don’t care. Not seeing much BTC going, at least not yet.”
On June 6, BeInCrypto reported that Binance reserves dropped by around 10,000 BTC. This corresponds to only 1.5% of the total and is insignificant in the overall picture.
Binance BTC balance. Source: Twitter/@woonomic
BTC price is recovering
Another signal that market participants have shaken off the wrath of US regulation is today’s BTC price action.
Notably, the asset is up 4.4% over the past 24 hours, trading at $26,908 at the time of writing.
This week’s two SEC lawsuits against Binance and Coinbase led to a drop to $25,587 on June 6. This was still within the range and BTC has now recouped all of those losses.
BTC has shown remarkable resilience against opposing regulators who believe there is only one currency — the dollar.
Disclaimer
In accordance with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, however, market conditions are subject to change without notice. Always do your own research and consult a professional before making any financial decisions.
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