• Bitcoin’s active addresses defy expectations, setting a new record and potential market shifts.
• Long-term holders of Bitcoin soar to an all-time high, with implications for future price dynamics.

A recent deviation from one of Bitcoin’s [BTC] key metrics that may significantly impact its price trend has just been observed per new data. This unexpected shift has caught the attention of investors and analysts alike as they try to decipher its implications for the cryptocurrency’s trajectory. 

Read Bitcoin (BTC) Price Prediction 2023-24

Furthermore, some reports suggest a gradual shift in the behavior of BTC holders was affected by the FTX collapse. Coins not spent since the incident are slowly becoming part of long-term holdings. 

Bitcoin active addresses set a record

Like many other financial assets, Bitcoin is subject to trends and patterns that can provide insight into its price movements. New data from Cryptoquant has revealed a fascinating twist in Bitcoin’s active addresses pattern.

The chart indicated that Bitcoin’s price tends to ascend following a hash rate drop when the number of active addresses surpasses a certain range. For the better part of this year, the active addresses metric dwindled between 900,000 to 1.1 million addresses per day. 

However, the pattern collapsed on 1 May. Active add

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Author: Suzuki Shillsalot

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