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Noob question: is “new wallets” a good indicator?
175 sats \ 7 comments \ @moel 14 Jun 2022 bitcoin
I read on Twitter that there are a lot of new wallet addresses being created.
But I wonder if this is true?
If people generate a new receive address on their hardware or software wallet, then this new address might look like a “new wallet”, no?
So this new wallet addresses indicator is very misleading? Or am I kissing something?
[1] https://twitter.com/TheRealPlanC/status/1536741847468482560
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15 sats \ 0 replies \ @random_bitcoiner 14 Jun 2022
wallet != address != person
A wallet is a collection of addresses. So let's not confuse things here, you cannot truly know how many wallets are out there because you can't link addresses belonging to the same wallet unless the owner spends some funds.
Furthermore "addresses" do not map one-to-one to people. Many addresses can be owned by the same individual. Or a single address, containing many thousands of bitcoin could be just the cold storage of an exchange, and thus actually being mapped to several thousand users.
So these analyses are a bit tricky.
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0 sats \ 1 reply \ @nullcount 14 Jun 2022
Wallet is a misnomer. "Wallet" is just how you store your bitcoin and/or how you spend it. Wallets don't appear on chain. Addresses do.
An address is only public once it holds BTC.
If you make 100 addresses but don't send anything to them, they do not exist on the blockchain.
The fact that many new addresses are appearing on chain means nothing.
It could be an exchange creating thousands of addresses for user accounts.
It could be a wave of mass adoption.
It could be a single actor that's making thousands of payments to addresses they also own.
Without other data, like coin history, its hard to know.
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0 sats \ 0 replies \ @02174b3c39_lntxbot 30 Jun 2022
Wallet is an abused term but it certainly isn't how you store your bitcoin, that is always on the blockchain. Wallets manage private keys, UTXOs you can spend, and calculates and displays balances.
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0 sats \ 0 replies \ @random_ 14 Jun 2022
MVRV Z-score
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0 sats \ 0 replies \ @gms 14 Jun 2022
From my point of view, it doesn't matter how many created wallets there are, it's a number that says nothing.
If you really like data you should follow @glassnode on Twitter
Crypto gurus usually have to be positive about their content.
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0 sats \ 1 reply \ @kilianbuhn 14 Jun 2022
So you mean the same number of humans could have made an increasing number of wallets? Then we would have to think about why people changed their behavior? I can't think of a reason but maybe somebody else here has?
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10 sats \ 0 replies \ @ok 14 Jun 2022 freebie
Admittedly without evidence, I suspect that there's a continual but gradual change in behavior from single address reuse toward never using the same address twice. The reason just being spread of awareness.
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