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50K New Bitcoin Wallets Signal Growing Network Participation Despite Price Swings

March has been a rollercoaster for Bitcoin, yet the network’s growth remains strong as the blockchain has seen a notable rise in the number of smaller wallets. During the same period, large holders have exhibited signs of strategic movements. Wallet Growth Accelerates Bitcoin has finally rebounded above $90,000 amid heightened volatility in March. The network has seen significant growth, with 50,000 more wallets than a month ago. In fact, Santiment’s analysis shows that 37,390 additional wallets now hold less than 0.1 BTC, while 12,754 more wallets contain between 0.1 and 100 BTC. On the other hand, the number of wallets holding at least 100 BTC has dropped by six, which could potentially mean that some large holders may be taking profits. The data suggests a bullish trend, with smaller investors accumulating Bitcoin despite market fluctuations. However, Santiment noted that for a broader crypto breakout, an increase in 100+ BTC wallets would be an encouraging sign. While whales have slightly reduced their holdings, the rising number of smaller wallets indicates ongoing adoption and confidence in Bitcoin’s long-term potential. Despite the increasing buying by the smaller wallets, broader market conditions have seen intense selling pressure this year, as highlighted by Glassnode’s latest data . Significant sales have been made across all Bitcoin wallet sizes, which has created immense market pressure. Since mid-January, selling activity has accelerated, with realized losses peaking at $818 million daily, second only to August 2024’s $1.34 billion event. This suggests that many investors are exiting at a loss as they struggle under current market conditions. Key Levels to Monitor The “coiling of volatility” over recent months, as per Glassnode’s findings, has led to a widespread price contraction across all digital assets. This is the second-largest capitulation event in the current Bitcoin cycle. A key level to monitor is $92,000, representing the Short-Term Holder Cost Basis, which could determine local momentum shifts. If Bitcoin sees further declines, the $71,000 region stands out as a major support level, which is validated by multiple technical and on-chain indicators. Defending this zone will be crucial for bullish investors to prevent a deeper downturn and maintain confidence in Bitcoin’s ability to recover from current market pressures. The post 50K New Bitcoin Wallets Signal Growing Network Participation Despite Price Swings appeared first on CryptoPotato . Crypto Potato

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Texas House to advance or reject Bitcoin bill by May 24

U.S. states may successfully front-run federal authorities on Bitcoin reserve policy as Texas lawmakers advanced a bill through the Senate. Texas policymakers in the state Senate approved a proposal to invest public funds in Bitcoin ( BTC ) with a 25-2 vote on Thursday, March 6, amid a U.S. crypto policy race. The bill has now moved to the House, which must act on the proposal by May 24. Dennis Porter, founder of the Satoshi Act Fund, said House members may expedite the process and land the proposal on the governor’s desk soon. More than two dozen states are discussing bills to allocate taxpayer money toward buying BTC in a nationwide adoption wave propelled by crypto lobbying efforts and Donald Trump’s return as president. Texas, the second-largest U.S. economy with a $2.6 trillion GDP, and Utah are seen as the top contenders likely to pass a Bitcoin investment bill into law, according to Porter. You might also like: Core Scientific’s stock down 11% as Microsoft trims AI contract Additionally, the news from Texas came ahead of the White House Crypto Summit on Friday, March 7, where attendees are expected to include some of the industry’s biggest names and tycoons. Speculation is mounting that President Donald Trump will unveil a national Bitcoin strategy at the event. Earlier, White House AI and Crypto Czar David Sacks decried the government’s past Bitcoin management. The U.S. sold 195,000 BTC for $336 million in 12 years, missing out on $17 billion in profit if it had held instead. Sacks has said President Trump instructed the White House crypto working group to determine a national BTC reserve strategy. Howard Lutnick, commerce secretary and former Cantor Fitzgerald CEO, also emphasized Trump’s interest in a Bitcoin reserve. Questions were raised after Trump said a U.S. crypto reserve would include altcoins like ( XRP ), Solana ( SOL ) and Cardano ( ADA ). Lutnick expects BTC will take center stage, while altcoins are “treated differently” but positively. Read more: David Sacks: U.S. lost $17b by selling seized Bitcoin too early Crypto Potato