Active bitcoin addresses have increased by 30% as millionaires ramped up accumulation in the last 7 days.
Bitcoin saw a surge in network activity throughout the last week as the total number of active addresses jumped 30%, per the latest data by crypto analytics firm Glassnode. In fact, active bitcoin addresses per day increased from 250,000 to approximately 325,000 over the past week.
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The latest uptick in active entities was mainly driven by a spike in the price which started on July 21st.
Bitcoin reached a local high of approximately $42,500 last after a surge in demand from investors. Currently, BTC is trading below $40,000 with a market cap of nearly $756 billion.
“Bitcoin has seen a resurgence in Active Entities over the past week, rising by 30% from 250k to 325k active entities per day. This degree of activity was sustained in July 2020 when BTC prices were around $11.3k in Q2-2020,” Glassnode tweeted.
Asset manager Stone Ridge also filed a new prospectus with the US Securities and Exchange Commission (SEC) last week, adding to open-end mutual fund.
Bitcoin accumulation
Santiment, another crypto analytics firm also noted that BTC whale addresses added nearly 170,000 coins in the last 4 weeks.
“As of the time of this writing, Bitcoin addresses currently holding between 100 and 10,000 BTC now collectively hold 9.23m coins in their wallets, which is a new all-time high for this group.The previous all-time high had occurred on April 5th, just one week shy of Bitcoin’s price all-time high of $63.5k. In the last four weeks, these addresses have accumulated approximately 170,000 more BTC. This staggering pace was last matched in late December 2020, right before a massive bull run kicked off 2021 where prices jumped from $29.0k to $40.8k in the year’s opening week,” Santiment mentioned in its latest Bitcoin research report.
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