The number of Bitcoin addresses since the second halving has increased across the board, but the number of small wallets with balances of less than 0.1 BTC increased.
On May 11, it has been reported by Glassnode that the number of Bitcoin (BTC) addresses with a balance of under 0.01 BTC, approximately $86 at the time of writing after the third halving increased 235% when compared to the second halving in July 2016 by exceeding ten million.
The #Bitcoin network has seen immense growth since the 2nd halving #BitcoinHalving2020 Addresses > 0 BTC: +235% Addresses ≥ 0.01 BTC: +204% Addresses ≥ 0.1 BTC: +142% Addresses ≥ 1 BTC: +63.2% Addresses ≥ 10 BTC: +11.2% Addresses ≥ 100 BTC: -6.3% Addresses ≥ 1k BTC: +13.2% pic.twitter.com/lqTwLkk95S — glassnode (@glassnode) May 11, 2020
However, those addresses with a balance between 0.01 BTC and 0.1 BTC, around $86 to $860, increased 204%, and the number of those with over 0.1 BTC but less than one Bitcoin increased 142%.
It has been analyzed that even the number of whales with addresses over 1000 BTC, $8.6 million at the time of writing, increased 13.2%, while the number of wallet sizes between 100-1000 BTC, at least $860,000, only rose 6.3%.
The number of BTC whales with at least 1000 BTC in their wallet only rose 13.2% since the last halving, while smaller wallets nearly doubled https://t.co/JR95714GQX — Cointelegraph (@Cointelegraph) May 12, 2020
As per the report, during the March crypto crash, there was some speculation as to whether long-term BTC HODLers, those who had kept their crypto secure in their wallets for over five years, could have been responsible for the downturn.
Thus, transactions involving coins stored for six months or less may have driven the Bitcoin market during 2019’s bullish phase and the March selloff.