Bitcoin Nears 1 Million Daily Active Addresses, Fueling Price Rally Hopes

Bitcoin's on-chain activity has reached new heights as it inches closer to crossing the $100,000 mark. Daily active addresses on the Bitcoin blockchain are nearing 1 million for the first time since 2021, a period when the BTC price rallied to $60,000 before retreating.

This surge in daily active addresses indicates growing investor interest in the Bitcoin network and increased usage. A total of 460,000 addresses have accumulated over 340,000 BTC at a price above $97,000, potentially setting the stage for a $100k price rally.

However, spot Bitcoin ETFs have witnessed a recent outflow of $438.38 million after reaching a 5-day high inflow. The weekly inflow rose to $3.38 billion last week.