create account

Bitcoin saw a huge spike in new addresses last week, possible precursor to bull run? by jrcornel

View this thread on: hive.blog |  peakd.com |  ecency.com
hive-167922 · @jrcornel ·
$14.07
Bitcoin saw a huge spike in new addresses last week, possible precursor to bull run?
# Bitcoin seeing strengthening fundamentals in the face of flat price action

Bitcoin saw something unusual last week, it saw a massive increase in new addresses.

This might not sound like that big of a deal, and by itself it's not really, but the interesting thing is that this happened while the price was flat to down.

Normally we see increase in addresses when the price is going up.

Not only did we see a large increase, it was the largest increase we have seen in the last 2 years.

Check it out:

![image.png](https://images.hive.blog/DQmboS2AiQc56Jo38rjn3S8LWuTthgAhLSqfQB7NM88S3Vv/image.png)

(Source: https://twitter.com/ColeGarnerBTC/status/1313241838875226112/photo/1)

Over the last two years bitcoin has usually seen about 5k-10k new wallet addresses each week...

Last week we saw over 25k new wallet addresses!

Which, as I mentioned above, was the highest level in over 2 years.

It can be seen ever more clearly on this chart here:

![image.png](https://images.hive.blog/DQmdTGuPXAipQa7zZxz2d7vTGBKc7gTbu8qak6gzjk7sXLY/image.png)

(Source: https://twitter.com/ColeGarnerBTC/status/1313241848165658625/photo/1)

# Why is this happening?

Honestly, I don't have a very good guess as to why.

On first thought some people might think it has to do with the Bitmex news and users fleeing the exchange in mass, however, the majority of these new addresses were being created well before that happened.

There were some on Twitter speculating that it has to do with China.

According to the poster, China has started running a promotional campaign on bitcoin and crypto over the last couple weeks.

More on that can be seen here:

![image.png](https://images.hive.blog/DQmSXn3Ae3s1Msg4ocWw4s1zZkQT9QikuksDPYkfdJrrA52/image.png)

(Source: https://twitter.com/DoveyWan/status/1309352583492845568)

China has historically been pretty critical of bitcoin and crypto but, and this is a big but, the majority of mining takes place in China and perhaps China is starting to realize something...

They hold more bitcoin than any other country and it behooves them to promote it.

Perhaps they are realizing that bitcoin has a decent chance of being a widely used global settlement layer, and perhaps it might even have a better chance of being used globally than their own state back currency would be.

For those reasons perhaps they are starting to shift gears on bitcoin and crypto?

These are just guesses on my part as I don't really have a good explanation for why new addresses are spiking so much, do you?

If so, let me know in the comments section below.

Stay informed my friends.

-Doc

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/hive-167922/@jrcornel/bitcoin-saw-a-huge-spike-in-new-addresses-last-week-possible-precursor-to-bull-run)
👍  , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , and 231 others
properties (23)
authorjrcornel
permlinkbitcoin-saw-a-huge-spike-in-new-addresses-last-week-possible-precursor-to-bull-run
categoryhive-167922
json_metadata{"app":"leofinance/0.2","format":"markdown","tags":["bitcoin","crypto","news","finance","palnet","neoxian","life","blog","investing","stats","leofinance"],"links":["https://twitter.com/ColeGarnerBTC/status/1313241838875226112/photo/1","https://twitter.com/ColeGarnerBTC/status/1313241848165658625/photo/1","https://twitter.com/DoveyWan/status/1309352583492845568"],"image":["https://images.hive.blog/DQmboS2AiQc56Jo38rjn3S8LWuTthgAhLSqfQB7NM88S3Vv/image.png","https://images.hive.blog/DQmdTGuPXAipQa7zZxz2d7vTGBKc7gTbu8qak6gzjk7sXLY/image.png","https://images.hive.blog/DQmSXn3Ae3s1Msg4ocWw4s1zZkQT9QikuksDPYkfdJrrA52/image.png"]}
created2020-10-06 03:03:42
last_update2020-10-06 03:03:42
depth0
children11
last_payout2020-10-13 03:03:42
cashout_time1969-12-31 23:59:59
total_payout_value8.143 HBD
curator_payout_value5.926 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length2,774
author_reputation2,133,450,396,741,846
root_title"Bitcoin saw a huge spike in new addresses last week, possible precursor to bull run?"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id99,984,858
net_rshares59,335,952,564,194
author_curate_reward""
vote details (295)
@oldtimer ·
$0.05
China is a producer, not a consumer. They have money available to put into BTC. Westerners are broke, especially so-called crypto experts and shills.
We have a lot of them on steem, hive, and leofinance. Noisy but broke.

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/hive-167922/@oldtimer/re-jrcornel-snzt4)
👍  
properties (23)
authoroldtimer
permlinkre-jrcornel-snzt4
categoryhive-167922
json_metadata{"app":"leofinance/0.2","format":"markdown","tags":["hive-167922","leofinance"]}
created2020-10-06 03:38:18
last_update2020-10-06 03:38:18
depth1
children10
last_payout2020-10-13 03:38:18
cashout_time1969-12-31 23:59:59
total_payout_value0.026 HBD
curator_payout_value0.027 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length326
author_reputation467,238,930,346,592
root_title"Bitcoin saw a huge spike in new addresses last week, possible precursor to bull run?"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id99,985,088
net_rshares360,629,574,606
author_curate_reward""
vote details (1)
@frot · (edited)
Now you have my attention!

So tell me, do you think the value of Leo tokens, in Hive, will be up or down in a month?

Presumably up because you have 100k of them
properties (22)
authorfrot
permlinkre-oldtimer-qhrqdj
categoryhive-167922
json_metadata{"tags":["hive-167922"],"app":"peakd/2020.09.5"}
created2020-10-06 07:05:48
last_update2020-10-08 08:00:39
depth2
children8
last_payout2020-10-13 07:05:48
cashout_time1969-12-31 23:59:59
total_payout_value0.000 HBD
curator_payout_value0.000 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length162
author_reputation94,148,415,747,890
root_title"Bitcoin saw a huge spike in new addresses last week, possible precursor to bull run?"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id99,986,658
net_rshares0
@jrcornel · (edited)
$0.06
My guess is it (LEO) will be higher. HIVE hasn't gone up at all apart from when it got listed on a bunch of exchanges a few months back and there is nothing coming in the near term that will likely change the current trajectory.
👍  
properties (23)
authorjrcornel
permlinkqhsr2i
categoryhive-167922
json_metadata{"app":"hiveblog/0.1"}
created2020-10-06 20:18:03
last_update2020-10-06 20:21:12
depth3
children7
last_payout2020-10-13 20:18:03
cashout_time1969-12-31 23:59:59
total_payout_value0.027 HBD
curator_payout_value0.028 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length228
author_reputation2,133,450,396,741,846
root_title"Bitcoin saw a huge spike in new addresses last week, possible precursor to bull run?"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id99,995,830
net_rshares365,282,215,763
author_curate_reward""
vote details (1)
@jrcornel · 
Lol sure, though by definition, if you are a consumer you must have capital to consume with. :)

That being said it is strange given China's stance on bitcoin in the past. Perhaps they are starting to realize it would benefit them to promote it and have it globally embed itself as a widely used settlement layer.
properties (22)
authorjrcornel
permlinkqhsr22
categoryhive-167922
json_metadata{"app":"hiveblog/0.1"}
created2020-10-06 20:17:48
last_update2020-10-06 20:17:48
depth2
children0
last_payout2020-10-13 20:17:48
cashout_time1969-12-31 23:59:59
total_payout_value0.000 HBD
curator_payout_value0.000 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length313
author_reputation2,133,450,396,741,846
root_title"Bitcoin saw a huge spike in new addresses last week, possible precursor to bull run?"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id99,995,826
net_rshares0
Help/Feedback