The text on the bottom more or less explains why this kind of analysis is almost worthless:
Due to the nature of easy & anonymous address creation, and corporate account management inherent to Bitcoin & the companies in the ecosystem, estimating the actual number of unique bitcoin holders as opposed to addresses is unfortunately much more difficult — & not something we can glean from observing its blockchain alone.
Addresses can not only overstate user numbers when single people unknowingly control numerous addresses, but also understate user numbers when single addresses hold the funds of numerous unknown people, like an exchange who may control balances in a traditional database.
Due to the nature of easy & anonymous address creation, and corporate account management inherent to Bitcoin & the companies in the ecosystem, estimating the actual number of unique bitcoin holders as opposed to addresses is unfortunately much more difficult — & not something we can glean from observing its blockchain alone.
Addresses can not only overstate user numbers when single people unknowingly control numerous addresses, but also understate user numbers when single addresses hold the funds of numerous unknown people, like an exchange who may control balances in a traditional database.