Bitcoin Nears 1M Daily Active Addresses as Price Targets $100k

Bitcoin's on-chain activity has reached new heights as it approaches the $100,000 mark. On Tuesday, analysts noted that daily active addresses on the Bitcoin blockchain are nearing 1 million, a milestone not seen since 2021.

Daily active addresses refer to the number of unique addresses making transactions in a 24-hour window period. This metric is often used to assess user activity and adoption on networks like Solana and Ethereum.

A spike in daily active addresses suggests growing investor interest in the Bitcoin blockchain, with retail investors driving demand and growth. In 2021, daily active addresses peaked at 1.25 million as the BTC price rallied to $60,000 before retreating to the $20,000 range.

IntoTheBlock data shows that approximately 460,000 addresses have gathered more than 340,000 BTC at a price of over $97,000, potentially setting the stage for a $100k price rally. However, spot Bitcoin ETFs have seen an increase in outflows as the price sank below $93,000 due to a long liquidation wave.