BTC’s address activity hit its six-month high

According to Santiment, 1,1 million unique addresses joined the network on November 20

21.11.2022 - 10:00

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What’s new? According to analytics firm Santiment, BTC’s address activity reached its six-month high. On November 20, for example, 1,1 million unique addresses joined the network, the highest since May 5. “Fear, Uncertainty, and Doubt” (FUD) due to the lack of trust in exchanges historically benefits bitcoin, and users are moving into self custody of the asset, experts noted. As of 11:00 UTC, BTC is trading at $16 147, down by 2,28% in 24 hours, according to Binance.

🧘 #Bitcoin dropped below $15.8k for the first time in 2 years, and address activity spiked to its highest level in over 6 months. #FUD due to lack of trust in exchanges historically benefits the patient, as we see $BTC continue moving into self custody. https://t.co/lz5FOkIkRX pic.twitter.com/6PKUA29nDE — Santiment (@santimentfeed) November 21, 2022

Bitcoin situation. In November, the number of bitcoin wallets with a balance of more than 10 000 BTC increased significantly. The figure rose to 40 000. On November 10, the rate of the asset fell to a two-year low, hitting the $15 780 mark.

On November 16, a record ratio of short and long positions in BTC futures on CME was recorded. A net short amounted to 430 contracts, one of the highest ever.

On November 20, the correlation between bitcoin and the S&P 500 Index turned negative at -0,74. The market of digital assets stopped reacting to the dynamics of the dollar and stock indices. Previously, a similar situation was observed in December 2021.

On October 26, liquidations of short positions in BTC across all exchanges reached a year-high of $331.8 million.

Binance exchange CEO Changpeng Zhao, MicroStrategy CEO Michael Saylor, as well as Tesla and SpaceX CEO Elon Musk already called on users to self-custody of digital assets.

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