Bitcoin active addresses 'concern' analyst despite 50% BTC price gains
Bitcoin lacks both active address growth and significant on-chain volume in a divergence from previous BTC price bull markets. Bitcoin (BTC) still lacks the on-chain volume and active address increases which characterize bull markets, research warns. In a frank appraisal of the 2023 BTC price rebound, on-chain analytics platform CryptoQuant warned that Bitcoin may be weaker than it seems. Active addresses not copying bull market paradigm As on-chain metrics flip green and some even flash bull signals not seen in years, a healthy dose of suspicion remains among many analysts. CryptoQuant contributor Yonsei_dent is among them, writing in one of the platform’s Quicktake blog posts this week that 2023 does not chime with previous bull markets. The problem, he explains, lies in active addresses, which are not increasing in number despite BTC/USD gaining almost 50% year-to-date. “Active Addresses is a metric that includes all addresses sending and receiving BTC, providing a look at how a...