- Bitcoin network’s active address count is down to its lowest level in 2,000 days.
- BTC whale transactions valued at $100,000 and $1 million and higher have declined gradually since March 5.
- Bitcoin holders have consistently taken profits since October 23, realizing losses on some occasions.
Bitcoin (BTC), the largest asset by market capitalization, has noted a decline in its active address count per data from Glassnode. A decline in active addresses is typical at a time during a surge in Bitcoin transaction fees.
Bitcoin on-chain data shows massive decline in active addresses
Data from crypto intelligence tracker Glassnode shows that active addresses are down to the lowest level in 2,000 days. A dip in active addresses would be considered bearish, however, on-chain data shows that volume is relatively high, despite dip in active addresses.
Bitcoin: Number of Active Addresses
Santiment data shows that whale transactions in two segments, valued at $100,000 and higher and $1 million and higher have consistently declined since March 5. The chart below shows a significant drop since March 2024.
 [14.03.36, 16 Jun, 2024]-638541279747838399.png)
Bitcoin whale transaction count (>$100,000) and (>$1 million)
BTC holders have consistently realized gains on their holdings since October 2023. Despite profit taking by holders, Bitcoin rallied to $71,000 on June 5. The chart below shows the spikes in Network Realized Profit/Loss metric, NPL, that tracks the daily gains and losses of all Bitcoin moved by holders on a given day.
 [14.06.38, 16 Jun, 2024]-638541280059067566.png)
Bitcoin network realized profit/loss and supply on exchanges
While on-chain metrics show reduction in active addresses, and mass profit-taking, several positive spikes in NPL, Bitcoin price has sustained its year to date gains of 56%. BTC wiped out nearly 5% of its value in the past week and the asset is trading at $66,329, at the time of writing.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ripple on-chain metrics show bullish signs amidst legal struggle with SEC, XRP eyes recovery
Ripple made a comeback above $0.48 on Tuesday and hovers above that level in Wednesday’s European session. Ripple on-chain metrics such as transaction volume and Network Realized Profit/Loss have turned bullish, supporting a recovery in the altcoin.
Bitcoin price falls amidst German government transfers, miners activity
Bitcoin (BTC) extends correction on Wednesday and hovers around $61,000 after finding resistance near the $64,000 level on Monday. Recent on-chain data indicates heightened selling activity from Bitcoin miners early in the week.
Crypto Today: Bitcoin erases gains from end of June, Ethereum declines while Ripple holds
Bitcoin wipes out gains from the last week of June and falls below $60,000 on Wednesday. Ethereum and top altcoins ranked by market capitalization erased gains as the inflation outlook worsened. Ripple holds on to recent gains and hovers above $0.48 on Wednesday.
Three reasons why altcoins could shake off losses this week
On-chain data from Santiment shows that altcoins are currently in the opportunity zone, or generating buy signals. The top three altcoins in the buy zone are Basic Attention Token (BAT), Chromia (CHR), and Highstreet (HIGH), per Santiment.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.