4 Bullish Bitcoin Charts Showing Growing Users & Adoption

The price of bitcoin has recovered 90% since the massive sell-off and from the start of this week, it has been trading above $7,000.

Just like the growing price, the number of addresses holding a small amount of BTC has been increasing since the price crashed to $3,850 on March 12th.

The number of addresses that are holding one-billionth and one-millionth of the total BTC supply, between 0.000000001% and 0.00000001% of total supply, has increased by 6% over the last 90 days.

The number of addresses holding between one hundred millionth and one ten millionth of total supply also increased by 4% during this period.

Source: Coinmetrics

Both of these addresses had a noticeable increase in growth rate starting around March 12 which suggests that adoption is growing and new users are starting to acquire small amounts of Bitcoin.

Interestingly, the number of whales has also reached the level that was not seen since the market top in 2017. As of now, a total of 1,838 entities are holding over 1,000 BTC.

In March 2019, this level dropped down to just over 1,600 entities. From where it has been surging. Since the beginning of this year, these numbers have been steadily rising.


Source: Glassnode

Another bullish indicator is the unmoved amount of Bitcoin. 3.96 million BTC out of the 18.3 million of its circulating supply, that is over 21 percent of the Bitcoin’s supply in the market, hasn’t been moved in more than five years.

Either these coins are lost or are being held for the long term.


Source: IntoTheBlock

Besides the HODLers being confident in Bitcoin and new entrants taking the opportunity to buy the dip, the trading volume on regulated exchanges is also taking off.

As we reported, spot exchanges have already been reporting a big surge in their daily volume following the crypto carnage. While these exchanges have been enjoying an uptrend, platforms like CME and Bakkt took a beating.

But as the price starts making recovery in April, these volumes are also making a comeback. “Trading activity at the CME seems to be increasing with open interest up 50% since the start of the month,” notes Skew Markets.

On March 30, the trading volume recorded on CME was $84 million that moved back up to $398 million earlier this week. Open interest has also spiked from $113 million low on March 18 to $196 million on April 7th.


Source: Skew

Similarly, Bakkt’s trading activity went up from $7 million (cash-settled plus physically settled) to over $24 million on April 7. Open interest took a serious drop on March 19 to $3.5 but has now doubled to $6.5 million.

Bitcoin options meanwhile continue to move down, from $294 million on March 12 to $65 million on April 7th. Also, “Large weekly expiry tomorrow with 11k bitcoin options dropping off,” shared Skew.

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