Active Ethereum addresses surpass Bitcoin’s metric, according to Glassnode data

The seven-day moving average of active addresses on the Bitcoin network over the past six weeks declined by 60% — from about 1.3 million to about 500,000, the lowest since April 2020. The figure was lower than the corresponding metric on the Ethereum blockchain.

Bitcoin’s active addresses on the blockchain network just plunged to its lowest level since April 2020.

This data is bearish. It shows demand for Bitcoin is drying up very quickly. pic.twitter.com/vdmwagbvtm

— Mr. Whale (@CryptoWhale) July 1, 2021

Data from Glassnode shows that this is the third instance in June when by a similar metric Ethereum surpassed Bitcoin. Earlier a similar situation was observed in early 2018.

The number of active addresses on the network of the second-largest cryptocurrency by market capitalization over the last week rose by more than 9% — to about 700,000. The indicator is 22% below the April maximum of about 900,000.

Other components of Flippening Index, comparing Bitcoin and Ethereum metrics, fee revenue and the total number of completed transactions, show the latter leading by 300%+ and about 500% respectively.

Bitcoin still holds the edge on metrics such as the number of nodes, the volume of on-chain value transferred, trading volume, and the number of Google search queries.

In June, the share of fee revenue in Ethereum miners’ income declined from 43.5% to 15%.

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