Bitcoin Data: Number Of Active Entities Remain In Bear Market Channel

Data shows the number of active Bitcoin entities has been steadily going up, but the growth pattern still remains in the bear market channel. Number Of Active Bitcoin Entities Continues To Remain In Bear Market Channel As per the latest weekly report from Glassnode, the number of active BTC entities has observed a persistent user growth recently. The “number of active entities” is an indicator that tells us about the number of daily active users on the Bitcoin network. An entity here refers to a collection of addresses held by a single investor, so the number of entities isn’t the same as the total number of addresses on the network. When the value of this indicator rises, it means more holders are making trades right now. A sharp growth can suggest a large number of new investors are ushering into the Bitcoin market. On the other hand, decreasing values of the metric implies interest around the crypto is diminishing as investors go dormant. Related Reading | On-chain Data Suggests Bitcoin Miners Were Behind The Selloff Now, here is a chart that shows the trend in the number of active Bitcoin entities over the past several years: Looks like the metric has observed some growth recently | Source: Glassnode's The Week Onchain - Week 15, 2022 As you can see in the above graph, the number of active Bitcoin entities has been steadily going up in recent weeks. However, the value of the metric is still with...