Here’s What Small and Big Bitcoin Investors Did as BTC Price Raised to $38K: The Data

Bitcoin is still close to its 18-month highs, surpassing both bear market trading limits and important resistance levels. However, a recent correction of over 3% earlier today pushed the asset below $36,000.

During this market-wide rise, bitcoin wallets have experienced significant volatility over the past few weeks, contributing to a volatile market. An interesting trend has emerged regarding Bitcoin wallet addresses.

According to a recent analysis by crypto analytical company Sentiment, several new small wallets holding less than 1 BTC have flooded the network.

🐟🐬🐳 #Bitcoin's wallets fluctuated during this massive market-wide surge. Tons of new small wallets for less than 1$BTC have flooded the network. Meanwhile, the 1-100 level is stretched, and the 100+ level may be in between taking some profits. pic.twitter.com/PNZtA9ir2U

— Santiment (@santimentfeed) November 17, 2023

According to the data, more than 1.5 million wallets of this group were created in the last month. At the same time, the 1-100 level has stabilized, and there may be some profit-taking activity in the 100+ BTC level. Bitcoin wallets holding 1-100 BTC have lost 18 addresses in the last month alone. On the other hand, the 100+ BTC collection saw the reduction of 19 wallet addresses. The data suggests that 80% of Bitcoin addresses are currently in profit. This growth in profitable Bitcoin addresses could serve as an incentive for holders to consider pooling their funds and take advantage of market conditions. Although the profitability aspect can affect the market dynamics and affect the business decisions among Bitcoin owners, the parameters on the chain are still very large. According to Bitinfocharts, the Bitcoin transaction count was hovering around the recently established 703k peak for one. Meanwhile, the average Bitcoin transaction fee has risen again to $18.67, a level seen earlier in May during this year's Ordinals boom.