Last week, Bitcoin’s transaction volume significantly increased and its price somewhat increased at the same time. According to data from IntoTheBlock, the amount of reported Bitcoin transactions hit approximately 703,000, which is the highest level in almost two years. This increase in transactions happened as Bitcoin’s price this week rose to $27,000.
Additionally, the number of daily active addresses on the network increased. According to Bitinforcharts data, the number of daily active addresses increased to a multi-month high on September 15th, going from 754,000 two years prior to 1.08 million. Surprisingly, the day prior, Ethereum briefly outperformed Bitcoin in terms of daily active addresses. Bitcoin’s trade volume has stayed largely stable despite the rise in on-chain activity, indicating that major trading actions may not have resulted from the increased on-chain activity. The rising tendency of retaining Bitcoin at this time and maybe making long-term investments is indicated by the growing outflow of BTC from exchanges.