Summary List Placement
The number of active bitcoin addresses dropped 47% from its April 15 peak of 1.36 million to around 716,000 on Sunday, according to data from the blockchain analytics firm Glassnode.
The active bitcoin address count is a sign of market demand for on-chain transactions, value settlement, and the urgency for inclusion in an upcoming block on the blockchain. A falling bitcoin active address figure typically coincides with bear markets in the space.
In 2017, when bitcoin’s price cratered from a high above $19,587 per coin on December 16 to below $6900 on February 5, 2018, the number of active addresses also fell from a high of 1.284 million on December 14, 2017, to just 528,000 on February 25, 2018.
According to Glassnode’s weekly on-chain report, “this week, in particular, the growth in on-chain demand has slowed markedly, with a number of on-chain metrics showing significant pull-backs.”
The bearish news for bitcoin comes after…