Bitcoin (BTC) Active Addresses Reach Levels Not Seen Since 2017 Bull Market

[TheCryptocurrencyPortal]

"Bitcoin (BTC) Active Addresses Reach Levels Not Seen Since 2017 Bull Market"

I thought this was interesting personally. What do you think?

Do you think it's because of the upcoming halving event or people are scared because of what is happening in the global economy?
https://www.youtube.com/watch?v=fknpc1vJdiI

[joniboini]

At this point, it's all too speculative. Maybe those addresses are not owned by different persons, and they just want to consolidate their funds. Or, it's exchange addresses created to handle more user demand. The 'active' term is also arbitrary.

The current economic landscape is not that bad so I don't think people are afraid (at least not on a global scale). Yea sure we got hit by the pandemic and have trouble getting extra income but things are getting better.

[cryptoaddictchie]

Halving and the pandemic crisis both have an effect on people's decision.

Some of those addresses are probably dormant for years and waiting for a perfect timing. Since the bull run, how long we can always see BTC reaching near 10k level? This served as a wake up call for other idle investors and some of them see this also as an opportunity.

If you subscribe to whale alert, many inactive btc addresses were now moving in and positioning either for a huge crash dump or waiting for a good consolidation, either way we will see the possible accurate trend after halving as speculation will likely to lie low.

[DoublerHunter]

^ My thought is, halving based on bitcoin history has always something to do on how investors became active or sometimes become more aggressive for they could miss the opportunity of gaining profit. On the other hand, the current global crisis may have an effect but too little since it has been a couple of months now when it started and investors are able to overcome this crisis psychologically. Nevertheless, the active addresses that we can see are those who investors who are trying to prepare for the halving because no one would want to lose in this event.

[pooya87]

it is wrong to compare the current activity (or activity of any other time for that matter) with 2017 network activity and it has nothing to do with the bull market. the 2017 situation was a special one that contained a very large scale that lasted a very long time. during spam attacks of such magnitude a very large number of addresses are used hence the high number of "active" addresses.
on top of that during 2017 there was a new trend of shitcoins that were being mined by spamming bitcoin network like this: https://www.blockchain.com/btc/tx/1148de03991e0bf17e2846e7eb9373f7ae280ca07349f637052a6874c5b2eb5c

[mk4]

Interesting data, but take it as it is. Not because active addresses went higher than what it was in the last bull market, it doesn't automatically mean that we're due for another bull market or whatever conclusion.

If anything, I saw someone on Twitter post data that a lot of people have been withdrawing coins on exchanges. While I can't put a source unfortunately, it's a complete opposite to your conclusion.

[davis196]

Some possible scenarios why the number of active BTC addresses is going up:
1.Many Bitcoin users started using multiple addresses,because it is considered "more secure".
2.Cryptocurrency payment gateways like Bitpay and Coinpayments usually are auto-generating unique BTC addresses every time some buyer has to pay BTC using their gateways.
3.Many newbies joined the Bitcoin tribe and created BTC wallets after the price recovered from the March crash.
I can't tell which of those factors is influencing the quantity of active BTC addresses the most,but I'm sure that all of them have some influence.