Journalist
Posted:
- Bitcoin active addresses recently surged to a 5-month high.
- BTC’s volume has, however, remained the same.
The recent rise in the price of Bitcoin [BTC] has led to an increase in on-chain transactions. With this rise in transaction activity, have there been any notable impacts on other aspects?
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Bitcoin sees active addresses and on-chain transactions
According to a Santiment post, the number of active Bitcoin addresses recently reached its highest point in the past five months. On 14 September, the chart displayed an increase to over 1.1 million active addresses.
While the number of active addresses had surpassed 1 million before, it had never exceeded 1.1 million until now. As of this writing, there were approximately 268,000 active addresses.
Source: Santiment
Furthermore, the Santiment chart indicated a simultaneous surge in the ratio of daily on-chain transaction volume for profit to loss. On 14 September, this metric spiked to approximately 2.34, marking its highest level in recent weeks.
As of this writing, this ratio had declined to around 1.6.
Delving deeper into the Bitcoin addresses
Delving deeper into Bitcoin’s active addresses, the 30-day active address metric revealed a slight uptrend. The chart indicated that this uptrend commenced around 9 September, when it stood at approximately 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 volume suggested there has been noteworthy activity on the Bitcoin network. However, to ascertain its impact on trading volume, more data and analysis would be needed.
Volume remains steady
Despite the notable spikes observed in other metrics, the trading volume for Bitcoin has remained relatively stable, with no significant increases noticed. As of this writing, the trading volume stood at approximately $13 billion.
The highest trading volume recorded this year occurred around the 20 July, when it surged to over $93 billion. This suggested that despite the increased on-chain transaction volume and active addresses, the overall transaction volume has remained within a normal range.
Source: Santiment
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Checking the Bitcoin flow direction
While the on-chain transaction volume could suggest profit-taking activities, the press time flow of Bitcoin indicated that more BTC was leaving cryptocurrency exchanges. According to CryptoQuant’s exchange flow chart, BTC outflows have been dominant as of this writing.
The netflow, as of this writing, was approximately -4,680 BTC, signifying a substantial amount of Bitcoin leaving the exchanges.
Source: CryptoQuant