Bitcoin (BTC) Network Activity Surges Amid Crypto Market Shakiness, According to Analytics Firms
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Multiple analytics firms say that despite shaky market conditions, the network activity on Bitcoin (BTC) is surging.
Crypto insights firm Santiment notes on Twitter that Bitcoin’s daily active address count hit 1.02 million on Thursday, the third day in a row the number surpassed one million.
“The last time this threshold was consistently above [1 million] for three straight days was December 1-3, when prices were $56,000 – $57,000.”
Bitcoin is trading at $42,590.33 at time of writing. The top-ranked crypto asset by market cap is down 3.2% in the past 24 hours but up nearly 5% from where it was priced one week ago. It remains down nearly 3% over the past 30 days.
Fellow crypto analytics firm IntoTheBlock also notes in a new blog post that Bitcoin saw a spike in on-chain transfers worth more than $100,000. IntoTheBlock views the metric as a proxy for institutional activity.
“Bitcoin registered a robust increase in institutional activity this week, with over $1.5 trillion transferred throughout transactions of over $100,000.
Both BTC and Ethereum saw large transactions volume climb by 50%, indicating notable growth from institutional investors.”
The analytics firm also notes Bitcoin’s weekly fees grew by 17.8%. IntoTheBlock says fee amounts track the willingness to spend and demand to use BTC.
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