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Bitcoin liquidity

Bitcoin Active Addresses Fast Dropping: Blame Spot ETFs?

Dalmas Ngetich
by Dalmas Ngetich
1 year ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Bitcoin is under pressure and struggling to peel back losses from early this week. Even with prices stabilizing in the last day, the path of least resistance is southwards for now. For the trend to shift, there must be a convincing close above the local resistance at around $66,000.

Bitcoin Active Addresses “Anemic”

Data points to a worrying drop in on-chain activity as prices cool off and consolidate within a bear breakout formation. Taking to X, one analyst observes that over the past few months, the number of Bitcoin active addresses has been falling. The only time this metric rose was from late 2023 through to early 2024.

Related Reading: Market Volatility? No Problem—Bitcoin Miners Still Earn $3.40 Million This Week

Coinciding with this expansion and looking at price data, Bitcoin prices had risen from below $30,000 to as high as $73,800. Afterward, and referring to on-chain development, the number of active addresses has been sloping negatively.

Bitcoin active addresses falling | Source: @nsquaredvalue via X
Bitcoin active addresses falling | Source: @nsquaredvalue via X

Usually, a slowdown in network activity, as is the case at the moment, could have massive implications on price action. As historical price movement shows, the number of Bitcoin active addresses rises in tandem whenever prices are uptick. Prices are under pressure, and transfers from unique addresses have been falling, signaling decreasing interest from the masses.

Spot Bitcoin ETFs To Blame?

The analyst has picked out a possible explanation for this contraction. Looking at the Bitcoin active addresses trend, it is easy to note that activity fell in momentum when the United States Securities and Exchange Commission (SEC) approved the first batch of spot Bitcoin ETFs.

While the product allowed institutions to get exposure to the world’s most valuable coin, there was a marked shift in ownership dynamics.

Related Reading: Shiba Inu Team Announces Second Shibarium-Based Game

Unlike in previous cycles, where prices were driven to fresh highs mostly due to retail activity and sentiment, prices were now in the hands of the “big boys” who could move millions in one swoop, moving prices.

Bitcoin price trending downward on the daily chart | Source: BTCUSDT on Binance, TradingView
Bitcoin price trending downward on the daily chart | Source: BTCUSDT on Binance, TradingView

Before, it could take many “small” addresses to move prices, explaining why, even when prices were depressed in the first half of 2023, activity was relatively higher than it is now.

If this is the trend, it is likely that as BTC shrinks, breaching key support levels, activity will further shrink as institutions and retailers shy away. The situation could worsen now that long-term holders have been moving coins in recent weeks.

Bitcoin long-term holders moving coins | Source: @XBTManager via CryptoQuant
Bitcoin long-term holders moving coins | Source: @XBTManager via CryptoQuant

One analyst notes that 75,228 BTC aged between three to six months were moved on August 27 alone. Yesterday, on August 28, 1,614 BTC aged between 18 months and two years were transferred.

Feature image from Canva, chart from TradingView
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Dalmas Ngetich

Dalmas Ngetich

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Dalmas is an experienced journalist with over a decade in Forex, general finance, technology, and blockchain developments. He is currently a crypto reporter for Bitcoinist, where he covers DeFi, blockchain, DeFi, and latest industry news. His work and that of his partners have been featured in top news outlets, including Forbes, investing.com, CoinTelegraph, and Entrepreneur, among others. He is passionate about technology and politics and is always on the lookout for the latest trends in these fields. He also loves spending time with his family and friends, exploring nature, and traveling to new places. Connect on X: @Dalmas_Ngetich, or message him directly on Telegram here: @Dalmas_Ngetich.

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