Bitcoin on-chain data shows a ray of light in a dark market
The collapse of FTX might have wrecked the industry and wiped out billions from the market, but it does not seem to have shaken people’s convictions in Bitcoin. The fact that BTC has been struggling to break $16,000 over.
Characterized by an uptick in daily active users, a higher transaction throughput, and an increased demand for block space, growing network adoption has historically been a bullish sign. Growth in the number of addresses holding BTC indicates a larger degree of on-chain activity taking place on the network. One of the best measurements of network adoption is the number of non-zero balance addresses.
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