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▲ Bitcoin (BTC), Ethereum (ETH), Tron (TRX), Cardano (ADA)/AI generated image
The active address trends for Bitcoin (BTC), Ethereum (ETH), Tron (TRX), and Cardano (ADA) have diverged significantly.
According to cryptocurrency media outlet Cryptopotato on September 1 (local time), Joao Wedson, founder of Alphractal, stated that Bitcoin's active addresses have significantly decreased compared to past major bull markets. However, he explained that a decrease in active addresses should not be definitively interpreted as a decrease in network usage. This is because Bitcoin investors are holding coins for longer periods, and the frequency of coin movements has decreased. The proportion of usage involving ETFs, custodial services, exchanges, and the Lightning Network has also increased.
In August, US Bitcoin spot ETFs saw an inflow of $3.31 billion. As investors increasingly use financial products instead of directly moving Bitcoin, the gap between price increases and on-chain activity has widened. Wedson suggested that this change might be a result of Bitcoin's expanding role as a reserve asset.
Ethereum showed the opposite trend. Active addresses are increasing again, approaching 1 million. It's notable that main network usage is growing even as significant ecosystem activity occurs on Layer 2. Tron recorded the highest number among the four blockchains, with active addresses exceeding 4 million. Wedson analyzed that a significant portion of Tron's usage comes from payments and stablecoins, especially USDT transfers, rather than price speculation.
Cardano's active addresses have plummeted since 2021, remaining at a very low level compared to the past. Wedson explained, "Prices can rise due to market narratives, liquidity, and speculation, but on-chain activity more clearly shows whether people are actually using the blockchain." Cardano has faced criticism regarding its slow development pace and the expansion of its technology's utility. Charles Hoskinson, founder of Cardano, also recently publicly warned of a "wave of failure" related to the shutdown of major decentralized applications.
[Article Key Summary]
-Bitcoin's active addresses decreased compared to past major bull markets, but changes in investment methods such as ETFs and custodial services were cited as the background.
-Ethereum's active addresses approached 1 million, and Tron's exceeded 4 million, indicating a rapid increase in network usage.
-Cardano's active addresses significantly decreased since 2021, showing a contrasting trend compared to other major blockchains.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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