Bitcoin

Amid a renewed bullish trend on the cryptocurrency markets over the past few weeks, more users have moved into trading Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization.

Data from blockchain analytics platform Glassnode shows that Bitcoin has seen a notable surge in terms of active addresses in the past week of July, with active BTC entities rising 30% from 250,000 to 325,000 active users.

According to Glassnode’s seven-day exponential moving average statistics of active Bitcoin entities, this is the biggest surge recorded after the number of active Bitcoin entities dropped 41% from 425,000 in January to below 245,000 addresses in early July. The current level of Bitcoin activity corresponds to levels maintained in July 2020, when Bitcoin was trading around $11,300, Glassnode noted.

Alongside a significant uptick in active Bitcoin users, BTC investors have been accumulating larger amounts of the cryptocurrency in late July.

According to data from analytics company Santiment, the amount of Bitcoin held on addresses storing 100-to-10,000 BTC hit 9.23 million Bitcoin ($364 billion) as of Aug. 1, which is a new all-time high for this group of investors. The previous all-time high took place on April 5, just one week before Bitcoin price broke an all-time high above $64,000.

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“In the last four weeks, these addresses have accumulated approximately 170,000 more BTC. This staggering pace was last matched in late December 2020, right before a massive bull run kicked off in 2021 where prices jumped from $29.0k to $40.8k in the year’s opening week,” Santiment noted.

The latest growth in Bitcoin activity comes amid the BTC steadily gaining momentum after Tesla CEO Elon Musk disclosed that his firm SpaceX owns Bitcoin on July 22. The CEO also said that Tesla was planning to resume crypto payments for vehicle purchases, citing the increasing percentage of renewable energy used for Bitcoin mining. Musk is known for being likely to contribute to Bitcoin’s price crash earlier this year, cutting BTC payments for Tesla in May due to the rapid increase of fossil fuel usage for Bitcoin mining.

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