Key Points
- Bitcoin’s on-chain activity is experiencing a surge, with daily active addresses nearing 1 million.
- Almost 460,000 addresses have accumulated over 340,000 BTC at prices above $97,000, indicating potential for a move beyond $100k.
Bitcoin is seeing an increase in on-chain activity, with the number of daily active addresses getting close to 1 million.
Bitcoin’s On-Chain Activity Surge
Data from IntoTheBlock reveals a change in Bitcoin’s long-term activity trend, driven by its march towards $100,000. The number of daily active addresses on the Bitcoin blockchain is “approaching 1 million,” marking the “first prolonged increase of this scale since 2021.”
Daily active addresses (DAA) in blockchain are the unique addresses that engage in transactions within a 24-hour period. This is a key metric used to gauge user activity and adoption of a blockchain, such as Ethereum or Solana. An increase in DAA often signals heightened usage and interest from retail investors, potentially indicating network growth or increased market demand.
Previous Peaks and Future Trajectories
In early 2021, when DAA peaked at around 1.25 million, Bitcoin’s price soared to $60,000 before dropping to the $20,000 range.
The future trajectory of BTC remains uncertain. However, IntoTheBlock’s data shows that almost 460,000 addresses have amassed over 340,000 BTC at prices surpassing $97,000. This suggests a “strong foundation to fuel a move beyond $100k,” according to the analysts.
On the other hand, spot Bitcoin exchange-traded funds in the U.S. are showing a different trend. Data reveals significant outflows this week as Bitcoin’s price dipped below $93,000 amidst a wave of long liquidations. As per SoSoValue data, the 12 spot Bitcoin ETFs recorded $438.38 million in outflows on Nov. 25, ending a five-day streak of inflows. This followed a record-high $3.38 billion in weekly inflows into these funds the previous week.
