Bitcoin holdings are growing despite a weak market

Despite the continuing crypto bear market, there has been a considerable growth in the number of Bitcoin (BTC) holders despite the asset’s severe price volatility this year.

In fact, the number of Bitcoin holders has been gradually increasing despite a bear market in the larger crypto ecosystem, as investors continue to HODL the digital asset as a store of wealth.

According to statistics from IntoTheBlock, the number of Bitcoin holders increased by over 4.5 million in the last year as of September 27. The website stated: Over 42 million addresses presently own Bitcoin, 4.5 million more than a year ago.

According to blockchain analytics firm Glassnode’s statistics, the number of Bitcoin addresses holding at least 0.01 BTC has reached a new all-time high of 10,702,698, as reported by Finbold on September 16.

Notably, Finbold revealed in September that 47% of Bitcoin holders are still in the black despite BTC’s 60% price decline in 2022, indicating that many Bitcoin investors are unfazed by the prolonged bear market. In fact, on September 14, the number of new Bitcoin addresses produced every day on the network reached a record high of 417,354.

Ali Martinez, a prominent crypto trading expert, suggested that the movement might be linked to feedback from market participants on the sidelines.

On September 16, he tweeted, “This shows a surge in desire among sidelined investors to purchase BTC at present price levels.”

With Bitcoin supply on exchanges reaching a four-year low, “with less than 9 percent of BTC on exchanges for the first time since 2018, this is a bullish sign.”

Also Read: Binance Announces Two New Offices In Brazil