Bitcoin active addresses hit lowest level in five years, BTC ranges below $67,000

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.

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.

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.

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