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Despite the price drop – or perhaps because of it – the number of addresses holding smaller amounts of bitcoin has continued to rise. .

The number of unique addresses holding at least 0.01 BTC (around $87 at press time) rose to a new high of 8,478,746 on Sunday, according to data provided by blockchain intelligence firm Glassnode.

Meanwhile, the number of addresses holding at least 0.1 BTC (roughly $870) also rose to a lifetime high, reaching 3,053,004 on Friday.

That said, the growth in the number of small addresses does not necessarily all represent new individual investors.

Even if small investor participation is increasing, it is unlikely to have a big impact on prices, as the market is still dominated by large players, popularly known as “whales.” The number of addresses holding at least 10,000 BTC and 1,000 BTC have declined over the last two weeks, according to Glassnode data