Crypto News

Bitcoin Network Sees Lowest Active Address Rate Since 2010 Amid Large BTC Movements

The Bitcoin network is experiencing a significant downturn in active addresses, with recent data showing a sharp decline. According to @intotheblock, the proportion of weekly active addresses has plummeted to 1.22%, a figure not seen since November 2010.

This decline is further highlighted by the total number of active wallets, which reached a multi-year low. On May 27, weekly active addresses were recorded at 614,770, the lowest since December 2018.

Meanwhile, large Bitcoin transactions have been making headlines. Genesis Trading deposited 1,000 BTC (approximately $61.76 million) into Coinbase yesterday.

Over the past two weeks, Genesis has transferred a total of 8,050 BTC (worth $518 million) into Coinbase. Additionally, a previously dormant wallet, inactive for six years, deposited another 1,000 BTC ($61.55 million) into Coinbase Prime earlier today.

Bitcoin ETFs Net Inflow Sums Up To $12 Million

On June 27, 2024, the net inflow for Bitcoin ETFs summed up to $12 million. Despite positive but modest net inflows for three consecutive trading days, Grayscale (GBTC) experienced an outflow of $11.4 million, following a day of inflow. Bitwise (BITB) recorded the largest inflow yesterday at $8 million, while BlackRock (IBIT) has seen net flows of $0 for the entire trading week.

These movements reflect a complex and dynamic landscape for Bitcoin, where significant transactions and fluctuating inflows coexist with a dwindling number of active addresses. This combination of factors paints a picture of both caution and opportunity in the current Bitcoin market, as stakeholders navigate through these evolving conditions.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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