Cryptocurrencies accompany the movements of the macro market and their losses have increased to gigantic proportions. However, many indicators are giving signals that the Bitcoin price is very close to the bottom. Also, looking at the on-chain data, it is stated that while the Bitcoin price collapsed, the increase in the number of addresses exceeded 10%. This may be a sign that new institutional companies and countries are picking up BTC from the bottom.

According to data from blockchain analytics firm Glossnode, the number of addresses holding Bitcoin is increasing every hour. Since December, the number of addresses holding Bitcoin has increased by more than 20,000. Therefore, the number of addresses holding Bitcoin has increased by 3.2% in the last 2 months.

Btc glassnode

The metric for determining the addresses holding Bitcoin is known to generate data by taking into account the active addresses. Glossnode states that BTC addresses that were active or lost more than 7 years ago are not taken into account in order to estimate address data as accurately as possible.

Considering this metric, it can be said that the data obtained is quite positive for BTC. Because, the number of active addresses holding Bitcoin is very high and it is emphasized that it is at a level that can increase the price of BTC.

bitcoin btc wallet

Institutional Companies and Nation States Collect BTC from the Bottom

According to experts, corporate companies and nation states are also collecting Bitcoin from the bottom. One of the countries that bought the drop in Bitcoin is known to be the state of El Salvador. President Nayib Bukela said that they continue to buy Bitcoin and add 410 BTC to the stash. Another positive news for Bitcoin came by BlackRock, one of the largest investment companies in the world. The company recently announced its blockchain-focused ETF plans in a statement.

There Is Light At The End Of The Nightmare Tunnel

The rate of increase in Bitcoin purchases shows that investors are buying in bulk, taking advantage of the decline. According to experts, the sharp decline in Bitcoin and the cryptocurrency market is a strategy made by institutions and individual billionaires to collect from the bottom and they are getting what they want. However, the increase in the rate of investors picking up Bitcoin from the bottom could bounce the BTC price upwards.