Journalist
Posted:
- Bitcoin active addresses recently rose to a 5-month high.
- However, the volume of BTC has remained the same.
The recent rise in the price of Bitcoin [BTC] has led to an increase in on-chain transactions. Given the increase in transaction activity, have there been any noticeable 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 a five-month high. On September 14, the graph showed an increase to more than 1.1 million active addresses.
Although the number of active addresses had previously exceeded 1 million, it had never exceeded 1.1 million until now. At the time of writing, there were approximately 268,000 active addresses.
Source: Santiment
Additionally, the Santiment chart indicated a simultaneous increase in the ratio of daily on-chain transaction volume to the profit-to-loss ratio. On September 14, this value peaked to approximately 2.34, the highest level in recent weeks.
At the time of writing, this ratio had fallen to approximately 1.6.
Diving deeper into Bitcoin addresses
When we dug deeper into Bitcoin’s active addresses, the 30-day active address metric revealed a slight upward trend. The graph shows that this upward trend started around September 9, when it amounted to approximately 18.1 million addresses.
At the time of writing, the number of 30-day active addresses has increased to more than 18.2 million.
Source: Santiment
The observed trends in both active addresses and on-chain transaction volume suggested that there has been notable activity on the Bitcoin network. However, to determine its impact on trading volume, more data and analysis are needed.
The volume remains stable
Despite the notable spikes seen in other metrics, trading volume for Bitcoin has remained relatively stable, with no significant increases noted. At the time of 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 suggested that despite increased on-chain transaction volume and active addresses, overall transaction volume has remained within a normal range.
Source: Santiment
How much are 1,10,100 BTCs worth today?
Bitcoin flow direction control
While on-chain transaction volume could indicate profit-taking activity, Bitcoin’s time flow indicated more BTC was leaving cryptocurrency exchanges. According to CryptoQuant’s exchange flowchart, BTC outflows were dominant at the time of writing.
The net flow was approximately -4,680 BTC at the time of writing, meaning a significant amount of Bitcoin has left the exchanges.
Source: CryptoQuant
