While the World Agenda is Locked on the Russia-Ukraine War, Bitcoin Network Metrics Set a New Record

Bitcoin Network Indicator Captures a New New High

After the recent market consolidation, the number of non-zero bitcoin (BTC) addresses has started to increase again and reached a new high.

The number of non-zero, i.e. positive balance wallets and addresses with at least one BTC balance set a new record Meanwhile, ten chain indicators related to Bitcoin were reversed after the latest bearish signal.

This record comes shortly after Whale and other large funders transferred large amounts of BTC in the ongoing war between Ukraine and Russia.

Bitcoin addresses are rising

As the name implies, a non-zero address means a wallet that contains a small amount of bitcoins.

New Record for Bitcoin Network Metrics During Russia's War in Ukraine

A recent K-line chart shared by Glassnode, a popular blockchain data analytics platform, shows that such addresses have recently begun to increase, eventually hitting an all-time high after surpassing 40 million.

As shown in the chart below, such addresses, which show the overall behavior of retail investors, rose in late 2017, in the middle of the last bull cycle. However, when BTC started to fall back soon after, these addresses also fell.

New Record for Bitcoin Network Metrics During Russia's War in Ukraine

But over the next few years, it continued to rise until it reached a steady point of around 35 million.

Glassnode notes that as of Feb. 28, the number of these addresses stood at 40,276,163. However, it's not just addresses with positive balances that have been added recently.

📈 #Bitcoin $BTC non-zero address count just reached a new high of 40,276,163

New high before observation on February 5, 2022 40,275,801

The analyst firm also reports that at least one address of BTC (wholecoiners) has recovered from its recent decline and reached a 10-month high. As of today, the group has over 800,000 wallets.

Is Bitcoin the calm after the storm?

Last week, the world agenda was shaken by the news that Russia had launched a "special military operation" against Ukraine after weeks of tension. Naturally, Europe's first war in over 70 years sent financial markets into turmoil. Bitcoin prices lost about $5,000 in a matter of hours after a bearish signal emerged.

This uncertainty has led many BTC investors to shift their holdings. According to Santiment, another blockchain analysis resource, while retail investors tend to panic in similar situations, this time the whales made a huge transfer.

Santiment observed the largest $100,000 and $1 million+ BTC trades in about a month, as BTC fell below $35,000. In addition, the analytics platform said that bitcoin's token circulation has reached its highest level in nine months, revealing the extent of polarization among traders in the war.

📈 #Bitcoin’s token circulation reached a 9-month high, revealing the extent of polarization among #war traders. This spike in circulation is similar to #BlackThursday in March 2020, when #crypto traders sold at the bottom at the start of #COVID. https://t.co/1XM82Asf4x pic.twitter.com/Z7gHJ7MY7F

– Santiment (@santimentfeed) February 26, 2022

Again, according to Santiment, this BTC movement is similar to the events of March 2020, when the world encountered the COVID-19 pandemic. However, the situation seems to have eased a bit in the days following the clarity of the war.

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