Bitcoin daily active addresses near 1m mark first time since 2021: data

Data shows that Bitcoin is witnessing a surge in on-chain activity, with the number of daily active addresses approaching 1 million.

Bitcoin’s (BTC) march to $100,000 has resulted in a surge in on-chain activity, and data from IntoTheBlock suggests a change in the cryptocurrency’s long-term activity trend. In a post on X on November 26, on-chain analysts highlighted that the number of daily active addresses on the Bitcoin blockchain is “approaching 1 million,” calling it “the first sustained increase of this scale since 2021.”

Bitcoin’s long-term activity trend has changed decisively, with on-chain activity showing significant growth.

The number of daily active addresses is approaching 1 million, representing the first sustained increase of this scale since 2021. pic.twitter.com/PheqxY52ej

— IntoTheBlock (@intotheblock) 26 November 2024

Daily active addresses on the blockchain refer to the number of unique addresses participating in transactions in a 24-hour period. DAA is often used as an important metric to evaluate the level of user activity and adoption of a blockchain such as Ethereum (ETH) or Solana (SOL). An increase in daily active addresses generally indicates increased usage and interest among retail investors; This could be a sign of network growth or greater market demand.

In early 2021, when DAA peaked at around 1.25 million, Bitcoin’s price rose to $60,000 and then fell back to the $20,000 range.

Fight for 100 thousand dollars $BTC gets angry.

While 60,000 addresses are buying 22,74,000 BTC above the current price, what really matters is the ascending support below:

458 thousand addresses collected a staggering 344 thousand BTC. A strong foundation to encourage movement beyond $100K pic.twitter.com/jJ9zqSX1kR

— IntoTheBlock (@intotheblock) 25 November 2024

While BTC’s future trajectory remains to be seen, IntoTheBlock’s data reveals that approximately 460,000 addresses have accumulated 340,000 BTC at prices exceeding $97,000, suggesting “a strong foundation to fuel a move above $100,000,” according to analysts.

Meanwhile, spot Bitcoin exchange-traded funds in the US show a different trend; Data reveals significant outflow this week, with Bitcoin price falling below $93,000 amid a long wave of liquidations. According to SoSoValue data, 12 spot Bitcoin ETFs recorded outflows of $438.38 million on Nov. 25, ending a five-day streak of inflows following a record weekly inflow of $3.38 billion into these funds the previous week.