Orhan 
Bitcoin, the leading cryptocurrency, is once again capturing market attention. As it approaches the psychological $100,000 milestone—just $200 shy of its all-time high—its daily active addresses have soared to nearly 1 million. This surge reflects the growing adoption of Bitcoin and increased confidence in the broader crypto ecosystem.
What’s Driving This Significant Growth in Bitcoin’s Network?
Blockchain analytics platform IntoTheBlock reports that Bitcoin’s on-chain activity has experienced its largest spike since 2021. The rise in daily active addresses signals increasing interest from individual investors, a positive sign for Bitcoin’s long-term growth. Blockchain expert Anndy Lian noted that retail investors, compared to large whales, tend to have a stabilizing effect on the market, fostering more predictable price movements.
The increasing interest in Bitcoin reinforces trust in the network’s transaction capacity and efficiency. According to Glassnode data, Bitcoin’s transaction count grew by 15% in November, surpassing 4.5 million. This indicates not only rising retail engagement but also a growing influx of institutional participants.
How Are Investors Reacting to the Market Movements?
Bitcoin’s price saw a correction, falling to $92,400 on November 26. Bloomberg analyst Eric Balchunas attributed this dip to profit-taking by long-term investors. However, the impact of spot Bitcoin ETF redemptions on prices remains minimal. The market has also been volatile due to the high volume of leveraged positions, intensifying price swings.
Ryan Lee, Chief Analyst at Bitget Research, described the correction as a natural market reaction, urging investors to reassess their long-term strategies. He also highlighted the risk of liquidation, with over $3.4 billion in leveraged positions at stake.
Rising User Activity Signals New Highs for Bitcoin
IntoTheBlock data reveals that 458,000 Bitcoin addresses accumulated 344,000 BTC, forming a strong foundation for further price growth. Isaac Joshua, CEO of Gems Blockchain Launchpad, stated that for Bitcoin to reach the $100,000 mark, it would require approximately $500 billion in capital inflows. However, considering Bitcoin’s rising adoption and status in global financial markets, this target appears achievable.
Are ETFs Driving Increased Network Usage?
Interest in Bitcoin ETFs is playing a pivotal role in this surge. In the final week of November, Bitcoin ETFs recorded $2.4 billion in inflows, marking the fourth-best week in their history. Meanwhile, over $2 billion exited China-based ETFs, testing Bitcoin’s resilience in global financial markets.
According to CoinShares data, growing interest in Bitcoin ETFs reflects a shift in how investors perceive Bitcoin—as a hedge against inflation and economic uncertainty. This changing sentiment is bolstering the asset’s appeal as a store of value, further solidifying its position in the financial landscape.
Looking Ahead
Bitcoin’s network growth and rising adoption are clear indicators of its potential to achieve new milestones. With increasing retail and institutional participation, coupled with a robust foundation of active addresses and ETF inflows, Bitcoin’s march toward $100,000 seems not just possible but inevitable in the long run.
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