Active Bitcoin Entities Increased by 19% in October

The on-chain activity of Bitcoin has recovered quickly in the last two weeks. The total active BTC entities and the average transaction size have increased sharply since the start of October 2021.

The recent weekly on-chain analysis report published by Glassnode shows that the total active Bitcoin entities have reached 291,000 in the last week, which is up by nearly 19% compared to the start of October. Additionally, the median BTC transaction size has jumped above 1.3 Bitcoin.

Long-term holders have increased their BTC accumulation significantly since March 2021. In the last seven months, long-term holders of the world’s largest crypto asset have added 2.37 million Bitcoin to their holdings. During the same period, only 186,000 new coins have been mined.

“Active Entities, the count of individual participants on-chain each day, has grown 19% to this week, reaching around 291k active entities per day. This value is on par with counts from late 2020 at the beginning of the last bull run. More active market participants have historically correlated with growing interest in the asset during early-stage bull markets. Since mid-September, the median transaction size has risen to over 1.3 BTC. The last time the Bitcoin network saw a median transaction size above 1.6 BTC was March 2020 during the liquidity crash,” Glassnode mentioned.

Bitcoin Holders

The latest report from Glassnode shows that long-term BTC holders are still not willing to sell their digital assets despite the price jump above $57,000. Long-term holders now own a total of 13.28 million Bitcoin, compared to 10.91 million in March 2021. The exchange supply ratio of Bitcoin saw a sharp drop in the last few months.

“Over the last 7-months, HODling behavior has dominated and over 2.37M BTC have migrated across the Short-to-Long Term holder threshold (~155days). To put this into context, only 186k BTC have been freshly mined in that same period, meaning LTHs have HODLed 12.7x more coins than have been mined on average,” Glassnode added in the report.

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