Glassnode noted also noted that the metric calculates the number of unique addresses that were active in the network either as a sender or receiver. Only addresses that were active in successful transactions are counted.
The 1 million average daily mark—for active addresses—was last seen in the months following Bitcoin’s epic price rise to $20,000 in late 2017. The asset was largely written off by mainstream media at the time, but it seems to have staged a comeback.
Big wallets are growing too. Lucas Nuzzi, the cofounder of crypto research firm DAR Crypto, remarked on Twitter that the number of addresses holding $10 or more of Bitcoin has hit an all-time high of 16.6 million addresses. The same goes for Ethereum, with 6 million addresses holding $10 or more of ETH.
He said this is “millions of addresses more than what was seen at the top of the 2017 bubble.”
“The percentage of supply owned by entities holding upwards of 10 BTC grew from 5.1% to 13.8% in 5 years, while the percent held by entities with 100-100k BTC declined from 62.9% to 49.8%,” the firm said.