The number of active Bitcoin addresses (BTC) just broke a major level. If history is any guide, this metric may indicate that a parabolic uptrend is waiting for us.

On May 7, the number of active Bitcoin addresses surpassed 1 million for the first time since June 2019, when the price eclipsed $13,000. Prior to that, there had only been so many active addresses on the net during the historic bull run of late 2017.

Experts are predicting the price of Bitcoin as the halving

Increased interest in Bitcoin

The positive correlation between the number of active

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addresses and the price seems to make sense intuitively. The increase in the number of active wallets indicates increased adoption and activity on the web. This also seems to coincide with the increased interest in Bitcoin halving, as reflected in the number of Google searches for the term. This metric was observed the same day that news came out that even the famous hedge fund manager, Paul Tudor Jones, is hailing Bitcoin as a fiat inflation hedge.

Bitcoin’s price is at record highs in Argentine pesos
One thing to keep in mind is that this data is agnostic to the Bitcoin value controlled by each individual address. Whether a wallet contains 1 Satoshi or 100,000 BTC, the Glassnode graph treats the data the same way.

Some believe that for Bitcoin to come out of its two-and-a-half year decline, the asset will need a flow of new institutional liquidity.