Analysis of Bitcoin’s On-Chain Metrics: Surprising Rise in Active Addresses!

• Data showed that on September 14th, there were over 1.1 million active addresses on Bitcoin. By September 15th, active addresses had risen to 1.23 million.
• A closer look at Bitcoin’s active addresses revealed a slight increase in the 30-day active address metric.
• Bitcoin’s transaction volume has remained relatively stable, with no significant increase noted. At the time of writing, the transaction volume was approximately $11 billion.

COINOTAG’s analysis unveiled on-chain metrics with the recent hike in Bitcoin values. Bitcoin’s active addresses are increasing!

Bitcoin’s Increase is Leading to On-Chain Changes

The recent price increase in Bitcoin has led to increased on-chain transactions. Did this increase in transaction activity have significant effects on other aspects? According to Santiment, the number of active Bitcoin addresses reached its highest point in the last five months. Data showed that on September 14th, there were over 1.1 million active addresses on Bitcoin. By September 15th, active addresses had risen to 1.23 million.

Although the number of active addresses had previously exceeded 1 million, this time it did not surpass 1.1 million. At the time of writing, there were approximately 454,000 active addresses.

Additionally, Santiment data indicated that the daily on-chain transaction volume ratio between profit and loss increased simultaneously. On September 14th, this metric reached approximately 2.34, marking the highest level in recent weeks.

A Closer Look at Bitcoin Addresses

When taking a closer look at Bitcoin’s active addresses, it was observed that the 30-day active address metric showed a slight increase. The chart indicates that this increase began around September 9th, starting at approximately 18.1 million addresses.

At the time of writing, the number of 30-day active addresses had risen above 19.15 million.

The observed trends in active addresses and the on-chain transaction volume ratio suggest significant activity on the Bitcoin network. However, more data and analysis are needed to determine its impact on transaction volume.

Steady Volume

Despite significant increases in other metrics, Bitcoin’s transaction volume has remained relatively stable, with no significant increase noted. At the time of writing, the transaction volume was approximately $11 billion.

The highest transaction volume recorded this year occurred around July 20th when it exceeded $93 billion. This suggests that despite the increases in on-chain transaction volume and active addresses, the overall transaction volume has remained within a normal range.

Controlling the Flow of Bitcoin

While on-chain transaction volume can indicate profit realization activities, at the time of writing, the direction of Bitcoin flow indicated that more BTC was leaving cryptocurrency exchanges. According to CryptoQuant’s exchange flow chart, BTC outflows were dominant at the time of writing.

On September 15th, Bitcoin’s net flow from exchanges was -7,300 BTC. Such activity had last occurred on September 8th. The increase in BTC leaving exchanges indicates that the BTC reserves on exchanges continue to decrease. At the time of writing, Bitcoin’s exchange reserve was recorded as 2,041,522. At the beginning of September, this amount was at the 2,056,861 level.