On-chain HOLDers: 23.4m
Unique users on exchanges: 101m
Total on-chain participants: 187m (upper bound)
PayPal userbase: 487m

So yeah, PayPal is bullish AF.

Full commentary and datasources threaded below, worth reading

There are 23.4m clusters of addresses that represent active (non zero balance) HODLers currently seen on the #Bitcoin blockchain. There is an upper bound of 187m participants that have come in and out of Bitcoin.

Nobody exited Bitcoin before the advent of Mt Gox, the first Bitcoin exchange with traction.

The red line tracks participants, blue line actively HODLing coins. You can see some people sold out after MtGox provided the means.

Silkroad came along, the first dark-market to use BTC as its currency and you can see participants hockey sticks, they were not HODLers, they used BTC to buy what they needed. HODLers didn't track total participants, but it did get boost HODLers leading to the first bubble.

How many users are on exchanges? @CambridgeAltFin's Q3 2020 study found there were 101m unique users on exchanges with at total of 191m accounts by surveying the industry. That's a 3x since 2018.

There's never been a data-backed argument that we were in a bear market since 2019.

This shows for every on-chain HODLer there is 4.3 user accounts on-exchanges. This is a wake up call to on-chain wallet companies to go next level in improving ease of use including babysitting private key management and also letting customers buy easily with their cash.

Datasource for 23.4m active HODLers:

Cumulatively sum net entity growth, this takes into account HODLers coming in minus HODLers that have left completely (zero coins in their wallets).

Data by @glassnode

Datasource for 187m participants (upper bound):

Cumulatively sum new entities entering on the blockchain (some will leave, some will be duplicates)

Data by @glassnode

101m unique users on exchanges via a survey of the industry by @CambridgeAltFin https://www.jbs.cam.ac.uk/faculty-research/centres/alternative-finance/publications/3rd-global-cryptoasset-benchmarking-study/

Final note... This tweet from over 2 weeks ago was partly based on industry metrics from infrastructure companies as much as on-chain fundamentals of which this thread is only part of the story. https://twitter.com/woonomic/status/1313824278656106496?s=20