The number of Bitcoin (BTC) addresses holding 1 BTC plummeted to a four-month low on Sep. 20, according to the data from Glassnode. But it is premature to suggest that it is a bearish sign for the top cryptocurrency.
What caused the number of small Bitcoin addresses to sharply drop?
The noticeable decline in small Bitcoin addresses coincides with the explosive expansion of the decentralized finance (DeFi) market.
Since Aug. 1, the total value locked in DeFi protocols on Ethereum rose from…