The number of active Bitcoin users' addresses has falln to its lowest level since April 2020
With the decline in the price of Bitcoin and the frustration of some investors of this cryptocurrency from setting new records, the number of active bitcoin users' addresses has fallen to its lowest level since April 2020, which is a serious alarm for this popular cryptocurrency. With a large proportion of new investors leaving the market after recent falls, the share of whales (large holders) of total Bitcoins has now reached new historical records.
Just looking at the wallet addresses won't give you any clue on how many active bitcoin users are there. Most crypto currency activities take place in an exchange. So you have to look at the trade volumes too. Besides, less active wallet mean people are no longer willing to move their coins to an exchange to sell which means they are all probably holding right now. It's a good thing, isn't it? More holders, less seller, higher price.