- The number of new addresses on Bitcoin hit a 3-month high.
- BTC miners have been steadily moving their holdings to exchanges over the past month.
After an impressive start, touching yearly highs, Bitcoin [BTC] was stuck in the $30,000-$31,000 region for the past few weeks. The lack of volatility has disappointed the bullish and bearish forces of the market, which are now waiting for a decisive move in either direction.
Read Bitcoin [BTC] Price Forecast 2023-24
However, despite the stagnation, Bitcoin adoption has grown steadily in recent times. According to an update shared on July 13 by blockchain analytics company Glassnode, the number of new addresses created on the network daily reached a new 3-month high.
📈 #Bitcoin $BTC The number of new addresses (7d MA) just hit a 3-month high of 20,925,292
The previous 3-month high of 20,895,304 was observed on July 12, 2023
View statistics:https://t.co/tDzY9Fl7QL pic.twitter.com/sPdUYobNy1
— glassnode alerts (@glassnodealerts) July 13, 2023
The chart showed that the pace of new players entering the Bitcoin market has been steadily increasing since the beginning of July. If favorable sentiment continued, there was a higher chance of BTC surpassing April’s annual highs.
Will miners be happy?
Bitcoin’s increasing adoption could be good news for battered BTC miners, who, at the time of writing, were dealing with lower revenues and rising spending. More addresses can lead to more on-chain transactions.
Miners, as is well known, rely largely on network transactions to earn fees and clear revenue, which is used to fund their heavy hardware and electricity costs. Lately, BTC’s sluggish price action and traders’ preference for HODL coins have affected their economy.
Miners’ earnings have plummeted since May’s ‘BRC-20’ euphoria. The number of daily transactions has cooled down significantly. While the spike in trading activity last weekend brought some calm, the rising hash rate once again gave miners a hard time.
Source: Glassnode
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Miners pour out to exchange spikes
Miners earn in Bitcoin, but pay their fees and expenses in fiat. Therefore, they are always looking for positive market signals to cash out and make a profit.
As can be seen in the CryptoQuant chart below, miners have been steadily moving their holdings to exchanges over the past month.
Source: CryptoQuant