- Active Bitcoin addresses recently rose to a 5-month high.
- However, the volume of BTC has remained the same.
The recent rise in Bitcoin price [BTC] has led to a surge in on-chain transactions. Was there a significant impact on other aspects of this increase in transaction activity?
Is your portfolio green? Check out the BTC profit calculator
Bitcoin detects active addresses and on-chain transactions
According to a Santiment post, the number of active Bitcoin addresses recently reached its highest level in five months. On September 14th, the chart showed an increase to over 1.1 million active addresses.
While the number of active addresses had previously exceeded 1 million, it has never been above 1.1 million. As of this writing, there are approximately 268,000 active addresses.
Source: Santiment
Additionally, the Santiment chart showed a simultaneous increase in the ratio of daily on-chain transaction volume to profit and loss. On September 14th, this value rose to around 2.34, marking the highest level in recent weeks.
As of this writing, that ratio has fallen to about 1.6.
Dive deeper into Bitcoin addresses
Taking a closer look at Bitcoin’s active addresses, the 30-day active addresses metric showed a slight upward trend. From the chart, it can be seen that this uptrend started around September 9th, when it stood at around 18.1 million addresses.
As of this writing, the number of 30-day active addresses has increased to over 18.2 million.
Source: Santiment
The observed trends in both active addresses and on-chain transaction volumes suggest that there has been notable activity on the Bitcoin network. However, further data and analysis would be required to determine the impact on trading volumes.
The volume remains constant
Despite the notable spikes observed in other metrics, trading volume for Bitcoin has remained relatively stable, with no notable increases noted. At the time of this writing, trading volume was approximately $13 billion.
The highest trading volume recorded this year occurred around July 20, when it rose to over $93 billion. This suggests that the overall transaction volume has remained within normal range despite the increase in on-chain transaction volume and active addresses.
Source: Santiment
How much is 1,10,100 BTC worth today?
Bitcoin flow direction check
While on-chain transaction volume may indicate profit-taking, Bitcoin’s release history suggested more BTC leaving cryptocurrency exchanges. According to CryptoQuant’s exchange flow chart, BTC outflows were predominant at the time of this writing.
The net flow was approximately -4,680 BTC at the time of this writing, meaning a significant amount of Bitcoin was leaving exchanges.
Source: CryptoQuant
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.