Over 12,000 BTC Moved to Coinbase’s Custody Wallet; Bitcoin Active Addresses Climb to 1.1M

While Bitcoin’s adoption grows at a fast pace, “BTC veterans continue to hold strong.”


It’s been over a week now that the price of Bitcoin has been keeping above the 2017 high of $20,000. The BTC price continues to hold above $23,000 but is in red today with $4.77 billion in ‘real’ volume.

Price-wise, Bitcoin is trading in a range between $23,300s and $24,000. Trader Josh Rager said,

“A break above $24,000 would lead to bullish continuation but looks like liquidity was grabbed with fake-out. Further pullback with close below $22,550s likely lead to back down to $20k.”

The ongoing strong institutional adoption, however, spells only bullish momentum for BTC. Today, 12,006 BTC flowed out from Coinbase and were transferred to the “custody-looked-like wallets,” which makes Ki-Young Ju, CEO of CryptoQuant “very bullish on BTC.”

CryptoQuant

Source: CryptoQuant

The biggest benefactor of this price action on the bitcoin network has been the fees, transfer value, and the market cap of the digital asset.

Last week, the network transferred $4.3 billion in adjusted value, up from $0.8 billion at the start of 2020. Much like this, in January, the average fee on the network was 2 cents which have now increased substantially to $12.

Amidst this price action, the active BTC addresses have hit a new yearly high.

The number of active addresses, 7-day average, on the Bitcoin blockchain is currently at 1.1 million, fast approaching the December 2017 record high of 1.13 million active addresses.

These addresses have been increasing consistently throughout this year to reach the levels that haven't been seen since late 2017. At the beginning of this year, the number of active addresses was about 500k on average which went to 1.14 million just this week.

While the number of bitcoin daily active addresses doubled over the course of 2020, those holding at least 0.01 BTC grew by more than 700k during the same period.

“While adoption grew, BTC veterans continued to hold strong,” noted Coin Metrics.

 

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