Active Bitcoin addresses hit a two-year high

On July 24, the number of active Bitcoin addresses reached a two-year high of 1,081,981. Such data are provided by Arcane Research.

Higher readings were seen only in late 2017 and early 2018, lasting 29 days.

Active addresses refer to unique addresses that send or receive transactions within a 24-hour period.

On July 24, the average fee in the Bitcoin network stood at $1.97, well below late-2017 levels, Arcane Research notes.

The number of bitcoins held on the wallets of major exchanges has also declined. It now stands at 2.6 million BTC, which is 227,532 BTC less than January 1, 2020. The net outflow of coins from exchanges from March 15 to July 27 totalled 278,395 BTC.

The last time such figures were recorded was in May 2019. After that, Bitcoin rallied from $7,094 to $13,648.

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In April, inflows of bitcoins to centralized exchanges reached a three-month high as the price moved past $10,000 and $11,000, but miners, according to Glassnode, continue to hold mined coins and are not in a hurry to sell.

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