- Bitcoin’s number of UTXOs in profit has reached a one-month low.
- Bitcoin’s non-zero addresses recently reached an all-time high (ATH) of 47,777,267.
- Both UTXO and Non-Zero addresses are crucial in understanding Bitcoin’s on-chain activities.
Glassnodealerts, the definitive on-chain Twitter alerts account by Glassnode, recently tweeted that Bitcoin’s number of Unspent Transactions (UTXOs) in profit has reached a one-month low. The metric’s value at the time of Glassnodealert’s tweet was 129,682,989.738.
Shortly before the alerting about Bitcoin’s UTXO, Glassnode also alerted the Bitcoin community about the increasing number of non-zero addresses. According to the alert, Bitcoin’s non-zero addresses recently reached an all-time high (ATH) of 47,777,267. That figure marks a steady rise in the metric, which is observed to be on the increase. The previous ATH was recorded 24 hours before as 47,773,890.
Both metrics revealed by Glassnodealerts are crucial in understanding the on-chain activities going on in the Bitcoin network. The UTXO is a technical term for the amount of cryptocurrency remaining after a cryptocurrency transaction. There is a UTXO for every transaction executed on the Bitcoin network. Hence, a drop in the number of UTXOs suggests a decrease in transactions happening in the Bitcoin network.
Bitcoin’s non-zero addresses also provide insight into users transferring bitcoins from their wallets. An increase in this number suggests a slowdown in transactions on the Bitcoin network. It shows that more Bitcoin users may be holding their coins within their wallets and not spending them.
A combination of both metrics shared by Glassnodealerts explains the relative drop in volatility in the Bitcoin network. Bitcoin has traded in a tight range between $29,065 and $29,648 over the past few days, according to data from TradingView. The recent price action follows a break below significant support at $30,000 when most traders expect a pre-halving bull run.
The drop injected increased uncertainty in the Bitcoin market, leading to a drop in volatility as many users appear to be sitting on the fence and waiting for a clear market direction.
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