TL;DR Breakdown:
- The Bitcoin network recorded the most active addresses in January.
- This shows an increased activity on the blockchain but no major spike in price.
The Bitcoin network is currently seeing an all-time high in activity, following the increase in the number of unique active addresses, according to the information provided by Glassnode on Monday. However, the growing activity in the network isn’t reflecting in the market price of BTC, as the cryptocurrency has been struggling below the $40,000 level. BTC outflows from exchanges surpassed the inflows in the past week, per Glassnode.
Bitcoin network activity at ATH
As reported, the number of active Bitcoin addresses in the month totaled 22.3 million addresses. These are addresses that were receiving or transferring the cryptocurrency within the past month. According to the analytics platform, the record today is the highest number ever seen on the Bitcoin network on a monthly count. Despite the increase in the network activity, there wasn’t any noticeable spike in the number of unconfirmed transactions on the Mempool, according to Blockchain.com.
A further glance at Bitcoin network explorer showed that about 503.46k new Bitcoin addresses were created as of the 31st of January. A total of 34.24 BTC addresses have a balance greater than zero. Regardless, Bitcoin has been trading mostly below $35,000 after the sudden spike in price recently caused by Elon Musk, the CEO of Tesla and SpaceX. During press time, the leading cryptocurrency was trading at $34,404 on Coinmarketcap, with a total valuation of $640.48 billion.
Bitcoin on-chain flows
Per Glassnode, about $14.1 billion in BTC flowed to cryptocurrency exchanges over the past week. However, more than $14.5 billion in Bitcoin were moved out from exchanges, accounting for a net flow of -$372.1 million. Bitcoin wasn’t the only cryptocurrency that made a negative net flow last week. There were more Ether (ETH) outflows on exchanges to make a -$785.2 million net flow.
