25k new Bitcoin addresses in 1 hour

[8m_zk]

With 25 000 new bitcoin addresses created today and new money keep flowing into bitcoin market it's clear that bullish trend is very strong, but do you think creation of new addresses is a valid metric ? Creation of a new address doesn't automatically means that the user is new, I have many bitcoin addresses.

[ranochigo]

No. Most people have way more than just "a few" Bitcoin addresses, they are only considered "generated" when they have funds being sent to them which is not a valid metric by any means; most people use change addresses which are also newly generated. It's nothing indicative of the adoption rate.

[stompix]

but do you think creation of new addresses is a valid metric ?

You could have added a source for this:
https://decrypt.co/48642/nearly-25000-bitcoin-address-were-created-in-just-one-hour

And no it doesn't mean for sure anything other than people moving funds to new addresses never used before, it could be created by a single old user or exactly 25 000 newbies, but yeah, usually it would point to increase activity which could point to new users.

Looking at the mempool I see a spike in 1sat/b transactions of about 4MB, I wonder if some moron is spamming the network again

[joniboini]

This is not an indicator that we expect a new influx of traders.Look at the charts for searching for bitcoin in google.

I also don't think that the search trend is accurate, at least it has a huge margin of error. For example, someone who types "bitcoin" probably wants to find the recent price, not necessarily a new user who wants to buy or join the community. Exchange users could be a better data source but it's not easily accessible.

[so98nn]

A valid metric would be with numbers and a data that correlates with the current investments.

For example, if you have data like, 25000 addresses and out of them 12500 address has done transaction of lets say 10k BTC after generation (for cold storage, exchangers etc) then you might say it will add some capital into the current trend.

In the remaining addresses half might have just created for internal transfers or storage, some of them might have been created but not used at all etc.

This will help plot a % contribution into the current trend. Then you can say that generation affected in reality.

Otherwise it's not that difficult to generate thousands of addresses in a click. That's just low throughput data without any leads.

[sheenshane]

That's a big NO for me, even though exchange can generate tons of Bitcoin addresses in different users in just an hour.  I remember HitBTC exchange, they can generate different Bitcoin addresses as much as you can or generate new address after you have used for privacy purposes.  The true indicator of the valid metric has data, graphs, stats, and of course, the right source on it just like what said posted above.

I don't know what is the purpose of generating thousands of addresses or it was a coincidence that someone will be trying to manipulate the Bitcoin network for their own purpose IMO.  But I really appreciate the report of the glassnode showing the graph of generated addresses.

However, whatever it is, still the news is on the positive side of Bitcoin.

[mk4]

That's a big NO for me, even though exchange can generate tons of Bitcoin addresses in different users in just an hour.  I remember HitBTC exchange, they can generate different Bitcoin addresses as much as you can or generate new address after you have used for privacy purposes.  The true indicator of the valid metric has data, graphs, stats, and of course, the right source on it just like what said posted above.

I don't know what is the purpose of generating thousands of addresses or it was a coincidence that someone will be trying to manipulate the Bitcoin network for their own purpose IMO.  But I really appreciate the report of the glassnode showing the graph of generated addresses.

However, whatever it is, still the news is on the positive side of Bitcoin.

Regardless if a single person could have created the 25k new Bitcoin addresses(though probably unlikely, because why?), like what stompix said, we could at least make the assumption that there was probably an increase in bitcoin usage.

Also, not sure how a person generating thousands of addresses would be him/her trying to "manipulate" the Bitcoin network. Generating addresses doesn't affect the blockchain at all, unless the person is spamming the network by spamming low sat transactions to thousands of addresses.

[ChiBitCTy]

Everyone is saying No, as if there's nothing to take away from this.  I think it is worthy of taking in to account to an extent.  I'm not saying it's a huge tell tale sign, but it's still notable.  We can always assume that the majority of new addresses is from existing "bitcoiners" and compare bull run times like now compared to slower times. Surely there is a difference.

[The Cryptovator]

No, creating new addresses wouldn't be a valid metric to realize the bitcoin trend. There are many commercial websites accepting bitcoin and creating a lot of bitcoin addresses. It doesn't necessary to assume that they are all newbies entering on Bitcoin. But yes, we may assume uses of Bitcoin increasing if the address creation ratio greater than before ( I don't know the previous ratio).

Anyway, let's assume positive because everything possible in bitcoin. We don't know the exact reason for the current bull run.

[XCANA]

With 25 000 new bitcoin addresses created today and new money keep flowing into bitcoin market it's clear that bullish trend is very strong, but do you think creation of new addresses is a valid metric ? Creation of a new address doesn't automatically means that the user is new, I have many bitcoin addresses.

Frankly, this might be a good action on the part of these investors, if they are new address from new holders then it is a good metric and a valid type but if not, they can't hold water for a valid metric in my opinion. Anybody can choose to create some new random wallets addresses which will be funded from the old wallets addresses, so, with this act there won't be a valid metric for bullish thread we have be seeing recently.  

[pawanjain]

With 25 000 new bitcoin addresses created today and new money keep flowing into bitcoin market it's clear that bullish trend is very strong, but do you think creation of new addresses is a valid metric ? Creation of a new address doesn't automatically means that the user is new, I have many bitcoin addresses.

I guess you are talking about this Number of new Bitcoin addresses spikes amid growing FOMO

You have interpreted it wrongly. It's not 25000 addresses today it is actually 25000 bitcoin addresses per hour.
The newly registered bitcoin addresses per hour has hit the 25000 record today for the first time since 2018.

Here's the all time chart for newly generated addresses which shows the record is at par with 2018

 

Click image for full size

[dothebeats]

This metric shouldn’t be of any importance as most newly-created addresses are just change addresses belonging to the same user. Also, most tickers only recognize ‘new addresses’ when it receives some amount on them, while other generated almost recently with nothing in them are just assumed to be not generated until something comes in them. This doesn’t tell us anything even remotely related to adoption, IMO.

[Lizzylove1]

Creators are either new users.or.old
holders. Although this is just a tip of an an iceberg many persons are still undecided about their crypto life.

[mangsitin]

it can happen, 25000 new bitcoin addresses, with a huge wallet power, it can make the bitcoin market create a good trend.  I think it's the new whale wallet, if it's 25000 wallets with a little power then it's just trash.  You should analyze another reason bitcoin is trending high today.

[rhomelmabini]

25k or more bitcoin addresses isn't the only factor to consider but in more sophisticated way I tend to get into trends as well especially on Google. You can see here that we aren't that close from the 2017 ATH interest but yeah bitcoin still soaring high these days but I'm more bullish maybe the early months or mid months of 2021 https://trends.google.com/trends/explore?date=today%205-y&q=Bitcoin

[concept2]

I guess half of them are generated by bot and veteran users but the others are created by new users. This is a good sign to the crypto world since people raise their awareness of bitvoin and its current uptrend.

If everything goes well and more people join the market, we will soon hit $20000 in a few more weeks. We are at 90% of our previous all time high.

[cryptopediabd]

I m gussing hacker created all this Lol. Its not. Where did u check 25k address?
And for the bullish trend created because of grayscal huge btc buying & paypal accept crypto-currency.

[hatshepsut93]

Before jumping to any conclusions, it would be better to perform blockchain analysis on these addresses. For exmaple, it's fairly easy to spot exchange transactions, because their hot wallets are well-known. If it looks like most of these new addresses were used for withdrawing from exchanges, it could mean that either new users withdrawing their coins, or existing users are buying more BTC. But if these addresses belong to exchanges, this could mean that people are registering exchange accounts to dump their coins.

[24Kt]

I guess half of them are generated by bot and veteran users but the others are created by new users. This is a good sign to the crypto world since people raise their awareness of bitvoin and its current uptrend.

If everything goes well and more people join the market, we will soon hit $20000 in a few more weeks. We are at 90% of our previous all time high.

We don't know exactly how many are generated by old users vs new users here. But one thing that it demonstrates here, is that people are generating more btc addresses for various purposes and that means more btc activity is expected.

[mahilchii]

This does not prove that all the newly address have Bitcoin in them, as you have mentioned we cannot assume especially during this situation when everyone claims Bitcoin to reach ATH as users might relate further pump to newly created address without any concrete proof or evidence.

Even if half of the newly created address have Bitcoin in them then it will still make a difference to the market price.