New Leg Up For Bitcoin On-Chain Activity

Bitcoin On-Chain Activity Report, November 2024

If there is one thing we like to see in a healthy bull market, it is Bitcoin's on-chain activity rising alongside its price.

This suggests real fundamental forces are behind BTC's price momentum.

Let's look at the data.

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New Leg Up For Bitcoin On-Chain Activity

The Takeaway

Bitcoin's on-chain activity is showing a significant uptick, mirroring patterns seen during the ETF launches earlier this year. This rise in activity coincides with Bitcoin pushing through new all-time highs, suggesting strong fundamental support for the current price movement. 

Historical data from previous market cycles indicates there's still substantial room for growth in on-chain activity before reaching typical bull market peaks. 

Meanwhile, a notable shift in holder composition continues, with smaller addresses reducing their positions while larger holders accumulate, a pattern that reflects Bitcoin's ongoing institutional adoption.

Second Leg Up For The Bull Market