Bitcoin active wallet count drops to lowest level since April 2020.
Over the past six weeks, the number of active wallets on the Bitcoin network has dropped by about 60%, from 1.3 million to about 500,000 addresses.
Meanwhile, active addresses on the Ethereum network have once again surpassed Bitcoin, with around 700,000 addresses as of June 27.
This is the third time this index of Ethereum has surpassed Bitcoin. The previous two times took place on 5/6 and 6/6. The last time ETH experienced this event was in early 2017.
“This data signals bearish momentum. They show that the demand for Bitcoin is decreasing,” Mr. Whale said.
Bitcoin’s active addresses on the blockchain network just plunged to its lowest level since April 2020.
This data is bearish. It shows demand for Bitcoin is drying up very quickly. pic.twitter.com/vdmwagbvtm
– Mr. Whale (@CryptoWhale) July 1, 2021
Ethereum active addresses are up more than 9% over the past week to hit the 700,000 mark, despite a more than 10% drop in ETH price. However, compared to the peak of 900,000 in early April, the number of active Ethereum addresses is now down 22%.
In addition, Blockchain Center’s Flippening index estimates Ethereum’s transaction fee revenue to lead with more than 300%, while total transactions lead with nearly 500%.
According to a report from Glassnode, the total number of unique addresses interacting with DeFi protocols has continued to increase since May. This shows that DeFi activity is still increasing.
Since the beginning of May, more than 2.9 million users participate in Defi protocols. Therefore, this could be the reason to explain the “busy” in the network activity of Ethereum compared to Bitcoin.
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