Bitcoin Network Sees Lowest Active Address Rate Since 2010 Amid Large BTC Movements

The Bitcoin network is experiencing a significant downturn in active addresses, with recent data showing a sharp decline. According to @intotheblock, the proportion of weekly active addresses has plummeted to 1.22%, a figure not seen since November 2010.

This decline is further highlighted by the total number of active wallets, which reached a multi-year low. On May 27, weekly active addresses were recorded at 614,770, the lowest since December 2018.

比特币网络活跃地址比例下降至 2010 年以来最低点@intotheblock 数据显示，比特币网络周活跃地址比例下降至 1.22% 的低点，低于 2010 年 11 月创下的记录。

此外，活跃钱包的总数也达到了多年来的最低点，5 月 27 日的周活跃地址录得 614，770 个，这是自 2018 年 12 月以来的最低记录。 pic.twitter.com/xPoWxNn2Fz

— Meta Era 中文 (@MetaEraCN) June 28, 2024

Meanwhile, large Bitcoin transactions have been making headlines. Genesis Trading deposited 1,000 BTC (approximately $61.76 million) into Coinbase yesterday.

Genesis Trading deposited 1K $BTC($61.76M) into #Coinbase agian 50 minutes ago.

He has deposited a total of 8,050 $BTC($518M) into #Coinbase in the past 2 weeks.

Address:
bc1q4jchcr7nla277su5lpjzttxp3xg5j8wds5lcwg pic.twitter.com/S3he37sEXT

— Lookonchain (@lookonchain) June 27, 2024

Over the past two weeks, Genesis has transferred a total of 8,050 BTC (worth $518 million) into Coinbase. Additionally, a previously dormant wallet, inactive for six years, deposited another 1,000 BTC ($61.55 million) into Coinbase Prime earlier today.

A wallet that had been dormant for 6 years deposited 1K $BTC ($61.55M) into #Coinbase Prime 4 hours ago.

Address:
12EMDoUhaNCuWZeeT6ey61AkjKyzmjV2m3 pic.twitter.com/jpm5bmM8Sa

— Lookonchain (@lookonchain) June 28, 2024

Bitcoin ETFs Net Inflow Sums Up To $12 Million

On June 27, 2024, the net inflow for Bitcoin ETFs summed up to $12 million. Despite positive but modest net inflows for three consecutive trading days, Grayscale (GBTC) experienced an outflow of $11.4 million, following a day of inflow. Bitwise (BITB) recorded the largest inflow yesterday at $8 million, while BlackRock (IBIT) has seen net flows of $0 for the entire trading week.

$BTC #ETF Net Inflow June 27, 2024: +$12M!

• The net inflow has been positive but small for 3 consecutive trading days.

• #Grayscale (GBTC) experienced an outflow of $11.4M again after a day of inflow.

• #Bitwise (BITB) had the largest inflow yesterday at $8M.

•… pic.twitter.com/sy38iTjO0a

— Spot On Chain (@spotonchain) June 28, 2024

These movements reflect a complex and dynamic landscape for Bitcoin, where significant transactions and fluctuating inflows coexist with a dwindling number of active addresses. This combination of factors paints a picture of both caution and opportunity in the current Bitcoin market, as stakeholders navigate through these evolving conditions.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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