With the highly anticipated halving about four days away, Bitcoin’s (BTC) network activity is on the rise.
New data from the crypto analytics platform Glassnode shows that the number of active Bitcoin addresses is now at levels not witnessed since the parabolic bull run of 2017, suggesting “an increase not just in activity, but also in adoption” is underway.
Glassnode says the increase in on-chain activity is from a trio of new investors, long-term holders and high-net-worth whales.
In addition, Glassnode says its Holder Net indicator, which tracks how many investors are holding on for the long haul, remains in positive territory, suggesting traders are holding on and accumulating with the halving on the horizon.
“Hodlers’ continued accumulation even at these price levels suggests confidence in the near-term and longer-term future, likely spurred by the upcoming halving, which tends to drive higher prices historically.
This accumulation can also be partially explained by the increasing adoption of bitcoin as a safe haven asset amongst uncertain financial markets.”
