Bitcoin network activity recovers, fueled by growing interest in the growing number of holders.
Bitcoin activity has recovered from a recent drop, with Santiment data suggesting that the network’s active address count could grow to 1,000,000 by June 2023.
One of the main reasons for high activity on the network is the growing interest in Bitcoin Inscriptions.
Daily subscriptions have grown from 150,000 to 200,000 in the past few days alone, Dune Analytics data shows.
Along with the growing interest in Inscriptions, there has been a notable increase in Bitcoin holdings. Glassnode data indicates that the number of addresses greater than zero hit an all-time high on May 28.
In addition, Bitcoin’s MVRV rate has decreased. This shows that Bitcoin holders are becoming less profitable. If this trend continues, it is likely to lead to a decrease in selling pressure from holders.
But besides that, some suspicious signs have also appeared. BTC’s buy/sell spread is decreasing, showing that there are more new addresses than old ones.