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Home»Bitcoin»Bitcoin and Ethereum addresses will shrink in 2024
Bitcoin

Bitcoin and Ethereum addresses will shrink in 2024

2024-10-03No Comments3 Mins Read
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This article is available in Spanish.

The cryptocurrency market is currently experiencing a significant decline, as are both Bitcoin and Ethereum have experienced a substantial decline in the number of active addresses. This trend, which has continued into 2024, has raised concerns about the future of these prominent cryptocurrencies. The implications for market dynamics could be profound as investor enthusiasm wanes.

Related reading

Decreasing active addresses

According to the latest statistics from CryptoQuant, Bitcoin’s active addresses have shrunk by approximately 1.17 million to 855,000, while Ethereum has decreased by approximately 382,000 to 312,000. This equates to a 27% decline for Bitcoin and an 18% decline for Ethereum this year.

The lack of new investors entry into the market appears to be the main cause of this decline. This is essential for maintaining favorable momentum as existing participants dominate trading activity in the absence of new capital inflows.

Since early 2024, active Bitcoin and Ethereum addresses have declined

“If the bulls want to dominate the market, the inflow of new investors is a crucial condition.

1. Bitcoin 1.17 million -> 855K
2. Ethereum 382K -> 312K” – By @burak_kesmeci

Full post 👇https://t.co/gZftQidnxa pic.twitter.com/q5cdpv7x6t

— CryptoQuant.com (@cryptoquant_com) October 1, 2024

The expected excitement surrounding the adoption of spot ETFs has not translated into increased activity on the blockchain. Yet the current user base has many investors who expected such developments. The Federal Reserve’s ongoing quantitative tightening continues to drain liquidity from the market, adding further pressure to the situation.

Market sentiment and future prospects

However, there are indications that a potential recovery is imminent in the face of these challenges. For example, Ethereum funding rates have remained positive over the past week, meaning there is growing interest among investors in long positions. This implies that while Ethereum’s price declines are ongoing, a large majority of the market remains optimistic about its future performance.

BTC and ETH addresses are declining: BTC drops to 855K, ETH to 312K in 2024

Since early 2024, the number of active Bitcoin and Ethereum addresses has continued to decline. Bitcoin addresses fell from 1.17 million to 855,000, while Ethereum addresses fell from 382,000 to…

— CoinNess Global (@CoinnessGL) October 1, 2024

It’s quite interesting that major Ethereum holders have been accumulating their assets, rather than selling them. These large holders have reduced their outflows from 311,950 to 139,390, indicating they are confident in the long-term prospects of the altcoin. Investors who take these types of actions typically expect prices to recover quickly.

See also  Bitcoin News: How Bhutan Beat El Salvador With 2x BTC Reserves
ETHUSD is trading at $2,338 on the daily chart: TradingView.com

Furthermore, Bitcoin’s Exchange Flow Multiple has seen a significant decline. This measure contrasts with short-term and longer-term inflows and outflows, indicating that current trading activity is significantly lower than historical averages. A low Exchange Flow Multiple generally indicates that investors are holding their assets in anticipation of future price increases, rather than actively trading them.

Related reading

Bitcoin and Ethereum: broader perspective

The broader bitcoin market is negotiating a complicated terrain shaped by geopolitical concerns and legal changes. Recent events have prompted investors to be generally more cautious. For example, despite market volatility causing Ethereum to drop to around $2,390, Bitcoin has managed to stay consistently above $61,100.

Featured image from Vecteezy, chart from TradingView



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Addresses Bitcoin Ethereum Shrink
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