The recent surge in Bitcoin has sparked a record number of active addresses. At the same time, on chain trading has surged, trading volume has remained stable, and Bitcoin has exited the exchange, indicating a change in the market
The recent surge in Bitcoin has sparked a record number of active addresses. At the same time, on chain trading has surged, trading volume has remained stable, and Bitcoin has exited the exchange, indicating a change in the market.
- Bitcoin active addresses have recently surged to a 5-month high.
- However, the transaction volume of Bitcoin remains unchanged.
The recent rise in Bitcoin [BTC] prices has led to an increase in on chain transactions. Has the increase in trading activity had a significant impact on other aspects?
Bitcoin sees active addresses and on chain transactions
According to Santiment's post, the number of active Bitcoin addresses has recently reached its highest point in the past five months. On September 14th, the chart showed an increase in active addresses to over 1.1 million.
Although the number of active addresses had previously exceeded 1 million, it has never exceeded 1.1 million so far. As of the time of writing, there are approximately 268000 activity addresses.
In addition, the Santiment chart shows a simultaneous surge in daily on chain trading volume profit loss ratio. On September 14th, the indicator surged to around 2.34, reaching its highest level in recent weeks.
As of the time of writing, this ratio has dropped to around 1.6.
In-depth research on Bitcoin addresses
Through in-depth research on Bitcoin's active addresses, the 30 day active address indicator shows a slight upward trend. The chart shows that this upward trend began around September 9th, when the number of addresses was approximately 18.1 million.
As of the time of writing, the number of active addresses in the past 30 days has increased to over 18.2 million.
The observed trends in active addresses and on chain transaction volume indicate that there are noteworthy activities on the Bitcoin network. However, in order to determine its impact on trading volume, more data and analysis are needed.
Stable trading volume
Although significant peaks were observed in other indicators, the trading volume of Bitcoin remained relatively stable and no significant growth was observed. As of the time of writing, the transaction volume was approximately $13 billion.
The highest trading volume of this year occurred around July 20th, when trading volume surged to over $93 billion. This indicates that despite an increase in on-chain trading volume and active addresses, the overall trading volume remains within the normal range.
Check Bitcoin flow direction
Although on chain trading volume may indicate profit taking activity, the news time flow of Bitcoin indicates that more Bitcoin is leaving cryptocurrency exchanges. According to the transaction flowchart of CryptoQuant, as of the time of writing, BTC outflows have dominated.
As of the writing of this article, the net traffic is approximately -4680BTC, which means that a large amount of Bitcoin has left the exchange.
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