Bitcoin Active Addresses Sharply Decline Despite Transaction Demand, Why?
2023年5月16日 - 12:00PM
NEWSBTC
Data shows that Bitcoin active addresses have sharply dropped
despite the high transaction demand; here’s why this may be
happening. Bitcoin Active Addresses Have Seen A Sharp Plunge
Recently According to the latest weekly report from Glassnode, the
active addresses are around cyclical lows of 566,000. The “active
addresses” metric measures the daily number of unique Bitcoin
addresses participating in some transaction activity on the
blockchain. By “unique,” what’s meant here is that the indicator
only checks whether an address has been involved in a transfer at
least once. This implies that regardless of how many transactions
an address might make, its contribution to the active addresses
metric will remain just one unit. This restriction exists because
the number of unique addresses can serve as an analog to the number
of unique users visiting the blockchain, thus providing an estimate
for the daily users on the network. Another indicator that’s made
for tracking activity on the Bitcoin blockchain is the “transaction
count,” which, as its name already suggests, tells us about the
daily total number of transfers taking place on the network. When
this metric has a high value, it naturally means that many
transactions occur on the blockchain. Such indicator values imply a
high demand for using the network currently, but the metric can’t
say anything about how the activity is distributed; that’s where
the active addresses indicator comes in. Related Reading: Bitcoin
Miners Continue To Sell, Bearish Sign? Now, here is a chart that
shows the trend in the Bitcoin transaction count (as well as its
30-day and 365-day simple moving averages) over the entire history
of the asset: The value of the metric seems to have sharply surged
recently | Source: Glassnode's The Week Onchain - Week 20, 2023 As
displayed in the above graph, the Bitcoin transaction count has
recently seen a rapid rise and has hit a new all-time high of about
682,000 daily transfers. The reason behind this explosion in the
transaction count is the emergence of the BRC-20 tokens, fungible
tokens created on the BTC blockchain using the Ordinals protocol (a
way to inscribe data like text and images directly into the chain).
These BRC-20 tokens have started a new memecoin mania, with PEPE
being the largest example of such a coin. The insanely fast
popularity of these tokens has meant that the demand for
transacting on the network is more than ever before. What about the
active addresses, though? Is this indicator also seeing a rise?
Looks like the metric has plunged recently | Source: Glassnode's
The Week Onchain - Week 20, 2023 From the chart, it’s apparent that
the active addresses observed a rise at first, but then it plunged
to a value of 566,000 addresses per day, around the current
cyclical low. Related Reading: Stablecoins Interest Spikes As
Traders Look To Exit Market This would mean that while the demand
for making transactions is super high right now, the demand isn’t
actually coming from a large number of users but a rather small
number of them who are constantly making repeat transfers. “This is
a curious scenario, whereby many BRC-20 users appear to have
re-used their Bitcoin addresses,” explains Glassnode. “Perhaps due
to having more familiarity with how account-based chains like
Ethereum or Solana operate, and less so with the Bitcoin UTXO
system.” BTC Price At the time of writing, Bitcoin is trading
around $27,400, down 1% in the last week. BTC has shot up over the
last 24 hours | Source: BTCUSD on TradingView Featured image from
Kanchanara on Unsplash.com, charts from TradingView.com,
Glassnode.com
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