Glassnode: Number of BTC active addresses drops after spot ETF approval
According to on-chain analysis company Glassnode, after the approval of Bitcoin spot ETF, there has been a phenomenon in the market that is opposite to intuition, that is, the number of active addresses has dropped to a cycle low of 219,000 per day (slightly rebounded to 221,000 this week) despite the recent strong performance of Bitcoin prices. This means that although Bitcoin prices have risen, the growth of Bitcoin users has not kept up. Analysis suggests that this is mainly due to an increase in activities related to ordinal and inscriptions, and many participants are reusing Bitcoin addresses, thereby reducing the number of active addresses (not counted repeatedly).
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Institutional Investment Surges in Bitcoin, Ethereum ETFs

Lido’s Swift Action Averts Major Ethereum Staking Loss

Nakamoto Raises $710M, Merges with KindlyMD to Boost Bitcoin Holdings

Exponential Unveils YO DeFi Platform for Yield Optimization

Trending news
MoreCrypto prices
More








