Analysts disagree on the reasons for the sharp increase in the number of new Bitcoin addresses
The number of Bitcoin addresses is growing rapidly this month. According to some opinions, this may be due to the withdrawal of assets of users of the BitMEX crypto derivatives exchange. There are also alternative versions.
According to Glassnode, the “net growth of entities” corresponding to clusters of addresses under the control of a single member of the system increased by 244% in the first six days of October from 9,750 to 33,620. This is the highest value since October 3, 2018..
The indictment of BitMEX by the US authorities became known on October 1. From that moment on, more than 40,000 BTC, or about $ 425 million at the current exchange rate, left her wallets. A significant portion of Bitcoin has been transferred to other major exchanges, including Kraken, Binance and Gemini. Also, their recipients were new wallets..
“This is a reasonable explanation for the growth in the number of new entities,” Equilibrium founder Alex Melikhov told CoinDesk..
Analyst Cole Garner, however, says the rise in the number of addresses may be a sign of new investors coming. He indicates that the indicator has been growing over the past five days, while the majority of those wishing to withdraw their assets from BitMEX on October 1-2.
“If BitMEX were responsible for the growth in the number of addresses, the metric would change along with the outflow of funds from the exchange,” notes Glassnode.
Melikhov does not support this version, pointing out the absence of pronounced signs of new investors joining the market: “If these were new investors, the cryptocurrency would start to grow.”.
According to the third version, Chinese investors may be behind the increase in the number of addresses, inspired by recent reports from the state media about the superiority of bitcoin over other asset classes in terms of growth since the beginning of the year. Melikhov believes that this is an even more speculative theory..
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