BTC active address growth and on-chain volume are absent in Bitcoin's 2023 rebound, research notes.
) still lacks the on-chain volume and active address increases which characterize bull markets, research warns.that Bitcoin may be weaker than it seems.As on-chain metrics flip green and some even flash bull signals not seen in years, a healthy dose of suspicion remains among many analysts.
The problem, he explains, lies in active addresses, which are not increasing in number despite BTC/USD gaining almost 50% year-to-date. “The ‘price’ of an asset is determined by the laws of supply and demand in the market. Crypto markets are no exception. For asset prices to rise, market interest and demand must be supported.”
“You can see that Active Addresses increased both during the 2019 bull market turnaround and when coming out of the 2020 COVID-19 shock,” Yonsei_dent added.Bitcoin active addresses annotated chart . Source: CryptoQuantOther research this week produces similar conclusions about the Bitcoin investor habits, which have accompanied the return to $25,000.On-chain volume, analytics firm Glassnode notes, remains low, and both long-term holders and short-term holders are reluctant to spend.
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