Bitcoin users have shown unwavering support and continue to display resilience in the face of cataclysmic implosions of both LUNA and FTX.
A new study led by Glassnode shared that there are now over 5.4 million more distinct Bitcoin addresses with non-zero coin balances than there were before, indicating that network adoption is still steadfast.
The number of unique Bitcoin addresses with a non-zero amount of coins users increased by over 1.06 million between the LUNA-Terra crash and the FTX bankruptcy, and by over 4.36 million from the FTX event to the present.
The collapse of Terra in May 2022 marked the first major run in crypto, wiping out more than $200 billion in space. It also contributed to the collapse of several other key players in the ecosystem.
The ripple effects of this triggered a chain of similar updates across the sector that impacted investors worldwide as prices nosedived due to fear.
Ironically, the Terra fiasco led to a huge liquidity crunch, and several crypto platforms were hit by massive withdrawals including SBF-led FTX.
Investors’ fear was further exacerbated by reports of leaked balance sheets and allegations that Bankman-Fried’s trading firm Alameda Research was being lent FTX customers’ funds.
According to a BBC report, the exchange owed its 50 biggest creditors roughly $3 billion.
Bitcoin: The Rise Of “Whole-Coiners” And Unexpected Milestones
The global financial system experienced significant disruption in 2022, which was ultimately one of the biggest tests for the cryptocurrency market.
Despite losing almost 65% of its value, Bitcoin continued to expand strongly in the last months of the year, especially in terms of the number of “whole-coiners”—people who own at least one complete Bitcoin.
According to an earlier Glassnode report, the number of addresses holding 100 Bitcoin or more has increased by 200 addresses in just four days.
On the other hand, 2023 was marred by the collapse of multiple banks, yet BTC seemed to profit from the upheaval. In mid-March, the leading crypto crossed the $30k threshold for the first time since June 2022.
And even after the most recent Binance and Coinbase lawsuits, which created quite a stir in the crypto market, BTC has risen and is up nearly 5% in late-afternoon market trade at $26913.
With crypto assets being inherently volatile, historical trends provide an excellent window into what the future may bring.
Although it’s difficult to predict BTC’s precise trajectory, the asset has sailed through troubled times even in the current situation where regulations around the world, notably in the US, have tightened the noose.