Santiment: “Small Bitcoin Addresses Are Reviving”
Bitcoin (BTC), which was hit hard by the bankruptcy of the cryptocurrency exchange FTX in November, had a nice rally with the start of the new year. While BTC seems to have already paused this rally, popular cryptocurrency analytics platform Santiment said on-chain data shows there may be general optimism among investors.
Santiment explained that as of February 6, 620,000 small Bitcoin addresses have resurfaced on the network at an increasing rate since the collapse of FTX. According to Santiment, the resurfaced addresses are holding around 0.1BTC or less. These addresses show signs of resurgence in 2023, especially after Bitcoin regained $20,000. Santiment shared the following statements:
“There have been ~620k small #Bitcoin addresses that have popped back up on the network since #FOMO returned on January 13th when price regained $20k. These 0.1 $BTC or less addresses grew slowly in 2022, but 2023 is showing a return of trader optimism.”
Commenting on Santiment’s share, experts evaluated that the resurgence in small addresses shows that more people are interested in investing in Bitcoin, which is a promising sign for the crypto money market. Bitcoin, which hit the $ 24,250 level on February 2, declined to $ 22,600. At the time of writing, BTC continues to trade at $22,912.
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