A spike in daily active addresses means investors are getting more interested in the Bitcoin blockchain and there is a rise in its usage. This surge in investors' interest, especially retail investors, depicts the market demand and growth of the network.
Earlier in 2021, the daily active addresses reached 1.25 million as the BTC price rallied to $60,000 before retreating to the $20,000 range.
Although the Bitcoin $100k milestone is yet to be achieved, IntoTheBlock data shows 460,000 addresses have gathered more than 340,000 BTC at a price of over $97,000. This could act as a foundation stone for the $100k price rally.
On the other hand, spot Bitcoin ETFs have witnessed an increase in outflows as BTC sank below $93,000 because of a long liquidation wave.
12 spot Bitcoin ETFs saw an outflow of $438.38 million on Monday, November 25, after a 5-day high inflow, which caused the weekly inflow to rise to $3.38 billion last week.
At the time of writing, Bitcoin was trading at $91717, down 2.42% in the last 24 hours, while its trading volume rose 27.14% to touch $96.91 billion and the market cap declined to $1.82 trillion.
Alexey Bondarev is the Head of Content at Yellow.com, having reported on crypto for the last 10 years. He specializes in in-depth Research and Learn pieces, with a focus on analytical reporting, industry context, and the bigger forces shaping crypto, from the AI era and security technologies to fintech innovation. He believes that everything digital will imminently overcome everything analogue and is working hard to make that come true.
