Bitcoin (BTC) on-chain activity reached new heights this week as it tried to cross the $100,000 mark but took a dip due to price correction.
The IntotheBlock Data revealed that there has been a shift in the long-term activity of BTC. On Tuesday, on-chain analysts underlined that daily active addresses on the Bitcoin blockchain are inching closer to 1 million. This is the first time since 2021 that the cryptocurrency has experienced a prolonged increase of this kind.
By daily active addresses, analysts mean the number of unique addresses that have done transactions in a 24-hour window period. This is mostly used to assess the user activity and blockchain adoption in networks like Solana and Ethereum.
A spike in daily active addresses means investors are getting more interested in the Bitcoin blockchain and there is a rise in its usage. This surge in investors' interest, especially retail investors, depicts the market demand and growth of the network.
Earlier in 2021, the daily active addresses reached 1.25 million as the BTC price rallied to $60,000 before retreating to the $20,000 range.
Although the Bitcoin $100k milestone is yet to be achieved, IntoTheBlock data shows 460,000 addresses have gathered more than 340,000 BTC at a price of over $97,000. This could act as a foundation stone for the $100k price rally.
On the other hand, spot Bitcoin ETFs have witnessed an increase in outflows as BTC sank below $93,000 because of a long liquidation wave.
12 spot Bitcoin ETFs saw an outflow of $438.38 million on Monday, November 25, after a 5-day high inflow, which caused the weekly inflow to rise to $3.38 billion last week.
At the time of writing, Bitcoin was trading at $91717, down 2.42% in the last 24 hours, while its trading volume rose 27.14% to touch $96.91 billion and the market cap declined to $1.82 trillion.