{"id":468781,"date":"2021-08-06T08:19:58","date_gmt":"2021-08-06T08:19:58","guid":{"rendered":"https:\/\/wncen.com\/?p=468781"},"modified":"2024-06-11T13:57:31","modified_gmt":"2024-06-11T13:57:31","slug":"new-bitcoin-users-activity-spikes-to-new-all-time-highs-what-does-it-mean","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/new-bitcoin-users-activity-spikes-to-new-all-time-highs-what-does-it-mean\/","title":{"rendered":"New Bitcoin Users Activity Spikes To New All-Time Highs, What Does It Mean?"},"content":{"rendered":"<p><span style=\"font-weight: 400\">The new Bitcoin users graph is a sight to behold. Even though Bitcoin\u2019s price was horizontal for a while there, the network kept growing. And, with each new participant, the network expands infinitely. And, with that, the value of the network increases in the same magnitude. Such is the nature of the \u201cnetwork effect\u201d phenomenon.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">That is what this chart by on-chain analyst Will Clemente shows:<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">The number of new users coming on the Bitcoin network continues to reach new all time highs. <a href=\"https:\/\/t.co\/yttPlhJBPd\" rel=\"nofollow\">pic.twitter.com\/yttPlhJBPd<\/a><\/p>\n<p>&mdash; Will (@WClementeIII) <a href=\"https:\/\/twitter.com\/WClementeIII\/status\/97423360?ref_src=twsrc%5Etfw\" rel=\"nofollow\">August 4, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400\">As one of the hosts from the Alt-Coin Daily show said, \u201c<\/span><i><span style=\"font-weight: 400\">The traders control the short-term market.<\/span><\/i><span style=\"font-weight: 400\">\u201d However, if we\u2019re talking long-term, this is one of the most bullish charts you\u2019re going to see. And, luckily for us, Clemente himself explained the chart\u2019s nuances on said YouTube show.\u00a0<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-regains-strength-40k\/\">TA: Bitcoin Regains Strength, Why Bulls Eye Strong Rally above $40K<\/a><\/strong><\/em><\/p>\n<h2><span style=\"font-weight: 400\">The Whales Are Distributing Their Coins<\/span><\/h2>\n<p><span style=\"font-weight: 400\">According to <\/span><a href=\"https:\/\/www.investopedia.com\/terms\/g\/gini-index.asp\" rel=\"nofollow\"><span style=\"font-weight: 400\">Investopedia<\/span><\/a><span style=\"font-weight: 400\">, the Gini coefficient is:<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">The Gini index, or Gini coefficient, is a measure of the distribution of income across a population developed by the Italian statistician Corrado Gini in 1912. It is often used as a gauge of economic inequality, measuring income distribution or, less commonly, wealth distribution among a population.\u00a0<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">Bitcoin\u2019s Gini coefficient is getting healthier and healthier. According to William Clemente, when you filter out ETFs and Grayscale, on-chain analytics show that \u201c<\/span><i><span style=\"font-weight: 400\">over time whales are just distributing their coins.<\/span><\/i><span style=\"font-weight: 400\">\u201d According to him, entities with less than 10 BTC never stop buying. \u201c<\/span><i><span style=\"font-weight: 400\">Since May 19th, retail has been accumulating more heavily than the whales have<\/span><\/i><span style=\"font-weight: 400\">.\u201d Each day that passes, Bitcoin\u2019s \u201c<\/span><i><span style=\"font-weight: 400\">healthy distribution of the network<\/span><\/i><span style=\"font-weight: 400\">\u201d gets better and better.<\/span><\/p>\n<div class=\"jeg_video_container jeg_video_content\"><\/iframe><\/div>\n<h2><span style=\"font-weight: 400\">New Bitcoin Users, A Very Appealing-Looking Chart<\/span><\/h2>\n<p><span style=\"font-weight: 400\">According to Clemente, his \u201c<\/span><i><span style=\"font-weight: 400\">very appealing looking chart<\/span><\/i><span style=\"font-weight: 400\">\u201d shows \u201c<\/span><i><span style=\"font-weight: 400\">the net users growth of the network.<\/span><\/i><span style=\"font-weight: 400\">\u201d His methodology is simple. He looks for \u201c<\/span><i><span style=\"font-weight: 400\">clusters of addresses that look like one person,<\/span><\/i><span style=\"font-weight: 400\">\u201d those are the entities. Then, he subtracts \u201c<\/span><i><span style=\"font-weight: 400\">the amount of new entities coming on-chain<\/span><\/i><span style=\"font-weight: 400\">\u201d from \u201c<\/span><i><span style=\"font-weight: 400\">the entities that look like they\u2019re dormant<\/span><\/i><span style=\"font-weight: 400\">.\u201d The result is the daily new Bitcoin users.<\/span><\/p>\n<p><span style=\"font-weight: 400\">As the chart clearly shows, we recently achieved an all-time high in new Bitcoin users per day. However, there\u2019s more. According to Clemente, the story is in the \u201c<\/span><i><span style=\"font-weight: 400\">incremental increase between each mayor peak.<\/span><\/i><span style=\"font-weight: 400\">\u201d At the peak of 2011, 1050 new users came into the network per day. In the two 2013 peaks, the number went from 1500 to about 5000 a day. In 2017\u2019s best moment, Bitcoin was bringing in 40000 new Bitcoin users a day.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-set-to-outperform\/\">Bitcoin Set To Outperform In Second Half Of 2021, Bloomberg Analyst<\/a><\/strong><\/em><\/p>\n<p><span style=\"font-weight: 400\">All of those peaks had a dramatic drop back down. If we look at 2021, in general, it\u2019s a \u201c<\/span><i><span style=\"font-weight: 400\">slow grind higher.<\/span><\/i><span style=\"font-weight: 400\">\u201d So, \u201c<\/span><i><span style=\"font-weight: 400\">If this is the peak, we haven\u2019t seen this drop-off in new user growth that we had each cycle.<\/span><\/i><span style=\"font-weight: 400\">\u201d On the contrary, \u201c<\/span><i><span style=\"font-weight: 400\">we just crossed the all-time high of 2017.<\/span><\/i><span style=\"font-weight: 400\">\u201d If Clemente is right, those new Bitcoin users mean we\u2019re nowhere near the top.<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-468783 aligncenter\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/BTCUSD-1.png?resize=460%2C267\" alt=\"BTCUSD price chart 08\/06\/2021 - TradingView\" width=\"460\" height=\"267\"><\/p>\n<pre style=\"text-align: center\">BTC price chart for 08\/06\/2021 on Bitstamp | Source: BTC\/USD on <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" rel=\"nofollow\">TradingView.com<\/a><\/pre>\n<h2><span style=\"font-weight: 400\">What Do The Greats Say About Bitcoin\u2019s Users?<\/span><\/h2>\n<p><span style=\"font-weight: 400\">The <\/span><a href=\"https:\/\/bitcoinist.com\/this-is-why-druckenmiller-and-tudor-jones-changed-their-mind-on-bitcoin\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">legend states<\/span><\/a><span style=\"font-weight: 400\"> that once upon a time legendary investor Paul Tudor Jones asked Stan Druckenmiller:<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">\u201cDo you know that when Bitcoin went from $17,000 to $3000 that 86% of the people that owned it at $17,000, never sold it?\u201d Druckenmiller replied: Well, this was huge in my mind. So here\u2019s something w\/ a finite supply &amp; 86% of the owners are religious zealots.<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">Will the new Bitcoin users act the same way when the season of the bear arrives? Only time will tell.<\/span><\/p>\n<pre style=\"text-align: center\">Featured Images by <a href=\"https:\/\/unsplash.com\/@historyhd?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" rel=\"nofollow\">History in HD<\/a> on <a href=\"https:\/\/unsplash.com\/s\/photos\/moon?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" rel=\"nofollow\">Unsplash<\/a> - Charts by TradingView<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>The new Bitcoin users graph is a sight to behold. Even though Bitcoin\u2019s price was horizontal for a while there, the network kept growing. And, with each new participant, the network expands infinitely. And, with that, the value of the network increases in the same magnitude. Such is the nature of the \u201cnetwork effect\u201d phenomenon.\u00a0 That is what this chart by on-chain analyst Will Clemente shows: The number of new users coming on the Bitcoin network continues to reach new all time highs. pic.twitter.com\/yttPlhJBPd &mdash; Will (@WClementeIII) August 4, 2021 As one of the hosts from the Alt-Coin Daily show said, \u201cThe traders control the short-term market.\u201d However, if we\u2019re talking long-term, this is one of the most bullish charts you\u2019re going to see. And, luckily for us, Clemente himself explained the chart\u2019s nuances on said YouTube show.\u00a0 Related Reading | TA: Bitcoin Regains Strength, Why Bulls Eye Strong Rally above $40K The Whales Are Distributing Their Coins According to Investopedia, the Gini coefficient is: The Gini index, or Gini coefficient, is a measure of the distribution of income across a population developed by the Italian statistician Corrado Gini in 1912. It is often used as a gauge of economic inequality, measuring income distribution or, less commonly, wealth distribution among a population.\u00a0 Bitcoin\u2019s Gini coefficient is getting healthier and healthier. According to William Clemente, when you filter out ETFs and Grayscale, on-chain analytics show that \u201cover time whales are just distributing their coins.\u201d According to him, entities with less than 10 BTC never stop buying. \u201cSince May 19th, retail has been accumulating more heavily than the whales have.\u201d Each day that passes, Bitcoin\u2019s \u201chealthy distribution of the network\u201d gets better and better. New Bitcoin Users, A Very Appealing-Looking Chart According to Clemente, his \u201cvery appealing looking chart\u201d shows \u201cthe net users growth of the network.\u201d His methodology is simple. He looks for \u201cclusters of addresses that look like one person,\u201d those are the entities. Then, he subtracts \u201cthe amount of new entities coming on-chain\u201d from \u201cthe entities that look like they\u2019re dormant.\u201d The result is the daily new Bitcoin users. As the chart clearly shows, we recently achieved an all-time high in new Bitcoin users per day. However, there\u2019s more. According to Clemente, the story is in the \u201cincremental increase between each mayor peak.\u201d At the peak of 2011, 1050 new users came into the network per day. In the two 2013 peaks, the number went from 1500 to about 5000 a day. In 2017\u2019s best moment, Bitcoin was bringing in 40000 new Bitcoin users a day. Related Reading | Bitcoin Set To Outperform In Second Half Of 2021, Bloomberg Analyst All of those peaks had a dramatic drop back down. If we look at 2021, in general, it\u2019s a \u201cslow grind higher.\u201d So, \u201cIf this is the peak, we haven\u2019t seen this drop-off in new user growth that we had each cycle.\u201d On the contrary, \u201cwe just crossed the all-time high of 2017.\u201d If Clemente is right, those new Bitcoin users mean we\u2019re nowhere near the top. BTC price chart for 08\/06\/2021 on Bitstamp | Source: BTC\/USD on TradingView.com What Do The Greats Say About Bitcoin\u2019s Users? The legend states that once upon a time legendary investor Paul Tudor Jones asked Stan Druckenmiller: \u201cDo you know that when Bitcoin went from $17,000 to $3000 that 86% of the people that owned it at $17,000, never sold it?\u201d Druckenmiller replied: Well, this was huge in my mind. So here\u2019s something w\/ a finite supply &amp; 86% of the owners are religious zealots. Will the new Bitcoin users act the same way when the season of the bear arrives? Only time will tell. Featured Images by History in HD on Unsplash &#8211; Charts by TradingView<\/p>\n","protected":false},"author":539,"featured_media":468782,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,83361,3],"tags":[83976,83979,654,83975,83884,83977,83973,83452,83978,14781,83974],"class_list":["post-468781","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-btc","category-news","tag-alt-coin-daily","tag-bitcoin-distribution","tag-bitcoin-network","tag-gini-coefficient","tag-investopedia","tag-network-effect","tag-new-bitcoin-users","tag-paul-tudor-jones","tag-stan-druckenmiller","tag-whales","tag-will-clemente"],"acf":[],"yoast_head":"\n<title>New Bitcoin Users Activity Spikes To New All-Time Highs, What Does It Mean?<\/title>\n<meta name=\"description\" content=\"The new Bitcoin users graph is a sight to behold. 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