Bitcoin ‘Active Entities’ at Highest Since 2017 Bull Run

The on-chain metric suggests Bitcoin is garnering users despite the cryptocurrency’s extended period of comatose price action.

AccessTimeIconJul 22, 2020 at 11:43 a.m. UTC
Updated Sep 14, 2021 at 9:34 a.m. UTC

An on-chain metric suggests the Bitcoin network is garnering users despite the cryptocurrency’s extended period of comatose price action.

  • The seven-day moving average of Bitcoin's "active entities" rose to 305,355 on Tuesday to hit the highest level since Dec. 23, 2017, according to blockchain analytics firm Glassnode.
  • The previous 1.5-year high of 301,870 was reached on May 12.
  • The average has risen by 14% this month. 
  • Glassnode defines active entities as a "cluster of addresses controlled by the same network entity." This would include both businesses like exchanges and custodians and individuals.
  • The rise suggests that the number of users of the network is the highest since the cryptocurrency topped out at $20,000 in December 2017.
Seven-day average of Bitcoin active entities
Seven-day average of Bitcoin active entities
  • Matthew Dibb, co-founder of Stack, a provider of cryptocurrency trackers and index funds, told CoinDesk the climbing metric is the result of the DeFi frenzy spilling over onto bitcoin
  • The surge in active entities also suggests users are anticipating an uptick in bitcoin’s price volatility, he added.
  • While user numbers may be up, bitcoin's network activity is not at similar highs.
  • The seven-day moving average of bitcoin’s transaction count has increased by 23% over the past four months, but is well below the 2020 high registered on March 5.
  • Bitcoin is stuck in the narrow range of $9,400 to $9,000 for the fourth straight week, according to CoinDesk's Bitcoin Price Index.

Disclosure: The author holds no cryptocurrency at the time of writing.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.

Read more about