The Bitcoin (BTC) Blockchain Added Over One Million Users Over the Last Month

By Bhushan Akolkar
Published August 12, 2021 Updated August 12, 2021
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The Bitcoin (BTC) Blockchain Added Over One Million Users Over the Last Month

By Bhushan Akolkar
Published August 12, 2021 Updated August 12, 2021

The world’s largest cryptocurrency Bitcoin (BTC) has been showing strength over the last two weeks. Over the last week, BTC has gained more than 17% confidently moving past $45,000 levels.

Popular market analyst willy Woo has some very interesting data points to present. He notes how the network activity on the Bitcoin blockchain is picking up once again. Woo mentions that the number of users on the Bitcoin blockchain is growing faster than ever before.

He stated that over 1.2 million users have been added to the Bitcoin network in the last 30 days. Interestingly, he notes that this doesn’t include off-chain users on the exchange. In that case, the total number could be 3x of the existing.

Courtesy: willy woo

Furthermore, the Bitcoin analysts also offer us interesting insights into the Bitcoin holdings of different public companies. Woo adds that the Bitcoin distribution continues to get better with time. He shows how the whale holdings have decreased and now account for 25% of the total Bitcoin supply.

Bitcoin Holdings In Corporate Treasuries and ETFs

Over the last year, there’s been a massive surge of corporate participation in Bitcoin. Exactly a year back, MicroStrategy purchased its first Bitcoin. since then it has been on a buying spree now holding more than 100,000 Bitcoins or 0.56% of the total supply in its treasury.

Other big corporates like Elon Musk’s Tesla and Jack Dorsey’s Swaure Inc have also followed the queue. Since the last October, Square Inc has accumulated more than 8000 Bitcoins so far pouring a total investment of $220 million. As Woo notes “0.9% of the supply is inside corporate treasuries while 3.7% is inside ETFs”.

He further notes that the world’s largest Bitcoin fund aka the Grayscale Bitcoin Trust (GBTC) remains the larger outlier. Their Bitcoin holdings have seen a drop due to the 2% management fee they are charging which many believe to be high.

Still Grayscale has a lion’s share of Bitcoin holdings above 600,000. But many analysts believe that Grayscale could lose the market share as other ETF products enter the market.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Bhushan Akolkar
884 Articles
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.