Journalist
Posted:
- The number of new BTC addresses has risen to the highest level in more than five months.
- The financing rate remained positive as traders expect more price increases.
Bitcoin [BTC] has recently seen an increase in new participants in recent days, while the price remains stable within the current range. This increase in newcomers has also affected certain on-chain metrics.
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Bitcoin sees new addresses spike
According to data provided by Glass junctionBitcoin has witnessed notable increases in the creation of new addresses in recent days. The first significant increase occurred around September 9, when the number of new addresses rose to more than 717,000.
However, the largest increase occurred on September 15, when the number of addresses reached 768,000. At the time of writing, this number has fallen slightly to approximately 666,000.
Source: Glassnode
Despite this small decline, the data showed that this represented the largest influx of new users in the past five months. Moreover, this increase in the number of new addresses coincides with the price of Bitcoin reaching approximately $26,000 and maintaining that level.
Although there has been a slight dip over the past two days, the price has remained above the $26,000 mark.
Not just new addresses, but active addresses
Santiment’s seven-day active addresses metric indicated a recent increase in the number of active addresses. Closer examination of the graph revealed a noticeable upward trajectory that began around September 9, when the count reached approximately 5.1 million active addresses.
At the time of writing, the number of active addresses has reached almost 6 million. This increase meant that the number of addresses involved in BTC transactions grew by almost 1 million over the past eight days.
Source: Santiment
Impact on Bitcoin Volume?
Despite the notable increase in new and active addresses, as indicated by various metrics, Bitcoin is experiencing a contrasting trend in trading volume. A review of Santiment’s volume chart showed that volume has been consistently declining over the past few days.
Source: Santiment
At the time of writing, BTC trading volume was approximately $6.8 billion, down from the over $13 billion seen around September 14.
While it is possible that this metric will experience further fluctuations before the end of the trading period, overall there has been a decline in trading volume.
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BTC sentiment remains positive
Based on data from Mint glassOverall sentiment around Bitcoin remained positive, even in light of the small declines. At the time of writing, the financing rate remained positive, indicating that traders expect a price increase.
When this metric is combined with the observed activity regarding Bitcoin addresses, it could imply that there is an influx of new addresses, possibly in anticipation of an upcoming price increase.
