In the last 24-hours, Bitcoin has slipped another 7% with the BTC price crashing all the way to $40,650 levels as of press time. Bitcoin and the broader crypto market continue to show strong volatility amid macro effects striking in such as the fear of rising interest rates and the Russia-Ukraine crisis.
Although Bitcoin seems to be currently in the bearish cycle, there’s a steady surge in the floor of active users when compared to previous bear cycles. As on-chain data provider Glassnode reports:
There are currently ~275k daily active entities on the #Bitcoin network. This level of activity is far below bull market highs, indicative of tepid demand from new users. However, the activity floor continues to climb in bearish markets, reflecting longer-term network effects.
Courtesy: Glassnode
While investors remain bearish, the top-tier whale addresses continue to accumulate. On-chain data provider Santimnet notes:
Bitcoin’s top addresses with 100k+ coins currently hold 664k $BTC afte
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