This resurgence in activity suggests growing interest and participation in the Bitcoin ecosystem, which could have implications for the crypto market as a whole.
Bitcoin activity is on the rise once again, as the number of active BTC addresses crossed the 900,000 mark on Monday, reaching levels not seen since mid-April. This milestone indicates a significant uptick in engagement within the Bitcoin network.
Bitcoin activity is on the rise!
The number of active $BTC addresses crossed 900k yesterday, hitting levels not seen since mid-April.
This peak is part of a bigger trend, as activity has been slowly increasing since early June. pic.twitter.com/rPdbIh0Zoz
— IntoTheBlock (@intotheblock) July 2, 2024
The surge in active addresses is part of a broader trend, with activity steadily increasing since early June. This resurgence in activity suggests growing interest and participation in the Bitcoin ecosystem, which could have implications for the cryptocurrency market as a whole.
Steady Growth Signals Renewed Interest
Market analysts are closely watching this trend, as sustained increases in active addresses often correlate with heightened trading volumes and market movements. The current rise could signal a renewed phase of growth and development for Bitcoin and its users.
A savvy Bitcoin investor, referred to as a “smart whale,” has made a significant re-entry into the market, purchasing 6,070 bitcoins worth $395 million during a recent dip, according to CryptocurrenciesToWatch (CTW). This marks the whale’s first purchase in over 18 months.
Previously, this investor bought approximately 41,000 BTC during the 2022 bear market at an average price of $19,000 per bitcoin, totaling $794 million. They sold 37,000 BTC during the bull markets of 2023 and 2024 at an average price of $46,800 per bitcoin, earning $1.74 billion and netting a profit of over $1 billion. The whale’s sales were strategically timed with market highs, demonstrating their market expertise.
In addition, spot Bitcoin ETFs have seen inflows over the past five market days, ending a recent outflow streak. On Monday, the 11 approved ETFs recorded their highest inflow in the past 16 market days, with a total of $129.5 million. Fidelity’s FBTC led the inflow on Monday with $65 million. Bitwise’s BiTB followed with $41.4 million, while Ark21Shares’ ARKB received $17.4 million. Vaneck’s Bitcoin Trust (HODL) took in $5.4 million. BTCO and EZBC brought in $3.2 million and $1.8 million, respectively. However, Blackrock’s IBIT and Grayscale’s GBTC saw no activity.