Bitcoin is witnessing a surge of on-chain activity, with daily active addresses nearing 1 million, data indicates.
Bitcoin’s (BTC) march to $100,000 has driven a surge in on-chain activity, with data from IntoTheBlock showing a shift in the cryptocurrency’s long-term activity trend. In a post on X on Nov. 26, on-chain analysts highlighted that the number of daily active addresses on the Bitcoin blockchain is “approaching 1 million,” calling it the “first prolonged increase of this scale since 2021.”
Bitcoin’s long-term activity trend has decisively shifted, with on-chain activity seeing significant growth.
The number of daily active addresses is approaching 1 million, representing the first prolonged increase of this scale since 2021. pic.twitter.com/PheqxY52ej
— IntoTheBlock (@intotheblock) November 26, 2024
Daily active addresses in blockchain refer to the number of unique addresses that participate in transactions within a 24-hour period. DAA is often used as a key metric to assess the level of user activity and adoption of a blockchain, such as Ethereum (ETH) or Solana (SOL). A rise in daily active addresses typically indicates increased usage and interest among retail investors, which can be a sign of network growth or greater market demand.
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In early 2021, when DAA peaked at around 1.25 million, Bitcoin’s price surged to $60,000 before retreating to the $20,000 range.
The battle for $100k $BTC rages on.
While 60k addresses acquired 22.74k BTC above the current price, the real highlight is the growing support below:
458k addresses have amassed a staggering 344k BTC. A strong foundation to fuel a move beyond $100k pic.twitter.com/jJ9zqSX1kR
— IntoTheBlock (@intotheblock) November 25, 2024
While the future trajectory of BTC is yet to be seen, IntoTheBlock’s data reveals that nearly 460,000 addresses have accumulated over 340,000 BTC at prices exceeding $97,000, suggesting a “strong foundation to fuel a move beyond $100k,” according to the analysts.
Meanwhile, spot Bitcoin exchange-traded funds in the U.S. show a different trend, with data revealing significant outflows this week as Bitcoin’s price fell below $93,000 amid a wave of long liquidations. According to data from SoSoValue, the 12 spot Bitcoin ETFs recorded $438.38 million in outflows on Nov. 25, ending a five-day streak of inflows, following a record-high $3.38 billion in weekly inflows into these funds the previous week.
Read more: Traders seen $553 million crypto liquidations as Bitcoin dropped $92k
