Charles Edwards shared a few metrics about BTC’s daily active addresses and the growth of new addresses on the network.
Capriole Investments founder Charles Edwards made shocking assessments about Bitcoin on-chain metrics and metrics. Edwards shared the real data, stating that many analysts mislead people.
Bitcoin’s Daily Active Address Numbers Halved
Bitcoin’s daily active addresses are down by half since BTC hit an all-time high of $64,854. The whales who sold BTC from the peak in April have not yet started accumulating BTC. The number of new addresses on the Bitcoin network has dropped to levels seen in early 2018. All these metrics negate all that some investors and analysts have pointed to Bitcoin’s on-chain bullish metrics.
Expert Bitcoin analyst and Capriole Investment founder Charles Edwards shared a few metrics about BTC’s daily active addresses and the growth of new addresses on the network.
According to the data shared by the experienced analyst, after Bitcoin touched the all-time high left $64,854 in mid-April, the daily active addresses of BTC, which has been burning since, halved. Edwards shared the relevant data on his social media account.
However, he pointed out that whales selling after BTC’s $64,854 ATH have not yet entered the accumulation phase. Emphasizing the decline in the number of Bitcoin whales, Edwards shed light on important data.
Bitcoin Metrics Are Terrible
On the other hand, another important factor was Bitcoin’s new address numbers. The figures, which declined to the levels seen in early 2018, supported the negative scenario. Edwards pointed out that the number of new addresses on the Bitcoin network had been seen during the market crash in previous periods, and noted: “Bitcoin metrics are terrible.”
According to Edwards, the bullish trend of Bitcoin on-chain metrics that many analysts and investors have claimed on social media is invalidated. The expert analyst evaluated the critical process in his recent comments: “Every address metric for Bitcoin looks awful. These metrics can change quickly. But for now, everything is terrible.”