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0 sats \ 1 reply \ @nullcount 14 Jun 2022 \ on: Noob question: is “new wallets” a good indicator? bitcoin
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.
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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