Newly activated Bitcoin wallets suggest more fiat may already be flowing into BTC. The market intelligence company Flipside Crypto told Bloomberg a significant number of dormant Bitcoin wallets are springing back to life.
“In the prior two weeks, a high number of electronic storage accounts known as digital wallets holding Bitcoin became active, according to market intelligence firm Flipside Crypto. While 40% to 50% of all Bitcoins are usually sitting in wallets that have been inactive from one to six months, the average has been about 10 percent since March 15, the firm found.”
According to Flipside Crypto co-founder and head of data science Eric Stone, the numbers confirm a new bullish Bitcoin trend may already have started.
“If you are a crypto optimist, that’s good news. There are more people warming up to the idea of buying Bitcoin.”
Flipside CEO Dave Balter sees a systemic trend of greater support for the emerging asset class. He says the numbers of digital wallets thawing off after the long crypto winter are far more significant than the reports about rogue Bitcoin whales pumping the price of BTC.
“We see this move much more valid than a few whale moves in October. This probably signifies a change in perception or confidence in this asset class.”