Daily Active Bitcoin Addresses Hit 1 Million

0
30

For the first time in 10 weeks, daily unique addresses interacting on the Bitcoin network surged above 1.02 million. Moreover, the daily active BTC address count has stayed above the level of 1 million for the third day in a row.

Unique Bitcoin addresses play an important role in the growth of the BTC network. The numbers highlight the interest of the holders of the world’s biggest crypto asset. The latest surge in the daily active addresses indicates that Bitcoin’s price jump is backed by strong fundamentals.

“Bitcoin’s daily active addresses hit 1.02m on Thursday, the third day in a row with 1m+ BTC addresses interacting on the network. The last time this threshold was consistently above 1m for 3 straight days was December 1-3, when prices were $56k-$57k,” Santiment highlighted in a Tweet.

BTC
 
 exchange 
activity also saw an uptick lately. Whales are moving the digital asset between wallets and exchanges. Earlier this week, Finance Magnates highlighted the movement of 2,011 Bitcoin from Xapo to Coinbase. In a separate transaction on 10 February 2022, a BTC whale moved 710 coins worth $32 million from Coinbase to a
 
 digital wallet 
.

Short-Term Holders

BTC stayed above $43,000 on Friday, now up by approximately 17% in the last 7 days. Due to the spike in the price of Bitcoin, short-term BTC holders turned profitable.

“For the first time since late November, Short-Term holders (STHs) have seen a profitable day, with STH-SOPR breaking above 1.0. This indicates that coins that were spent, and younger than 155-days, realized profits on aggregate this week. This follows more than two months realizing losses every day as STHs who bought the top, were shaken out of their coins at lower prices. A similar STH-SOPR pattern can be seen in two instances since March 2020,” on-chain analytics platform Glassnode mentioned.

For the first time in 10 weeks, daily unique addresses interacting on the Bitcoin network surged above 1.02 million. Moreover, the daily active BTC address count has stayed above the level of 1 million for the third day in a row.

Unique Bitcoin addresses play an important role in the growth of the BTC network. The numbers highlight the interest of the holders of the world’s biggest crypto asset. The latest surge in the daily active addresses indicates that Bitcoin’s price jump is backed by strong fundamentals.

“Bitcoin’s daily active addresses hit 1.02m on Thursday, the third day in a row with 1m+ BTC addresses interacting on the network. The last time this threshold was consistently above 1m for 3 straight days was December 1-3, when prices were $56k-$57k,” Santiment highlighted in a Tweet.

BTC
 
 exchange 
activity also saw an uptick lately. Whales are moving the digital asset between wallets and exchanges. Earlier this week, Finance Magnates highlighted the movement of 2,011 Bitcoin from Xapo to Coinbase. In a separate transaction on 10 February 2022, a BTC whale moved 710 coins worth $32 million from Coinbase to a
 
 digital wallet 
.

Short-Term Holders

BTC stayed above $43,000 on Friday, now up by approximately 17% in the last 7 days. Due to the spike in the price of Bitcoin, short-term BTC holders turned profitable.

“For the first time since late November, Short-Term holders (STHs) have seen a profitable day, with STH-SOPR breaking above 1.0. This indicates that coins that were spent, and younger than 155-days, realized profits on aggregate this week. This follows more than two months realizing losses every day as STHs who bought the top, were shaken out of their coins at lower prices. A similar STH-SOPR pattern can be seen in two instances since March 2020,” on-chain analytics platform Glassnode mentioned.

Source link

Leave a reply