Despite Bitcoin's recent price struggles, more people are using Bitcoin wallets. A report from data aggregator Santiment shows that the number of active Bitcoin addresses has increased significantly, reaching a five-month high. This means that even though Bitcoin's price is not doing great, more people are using it.
The increase in wallet activity could be because some investors see this as a chance to buy Bitcoin at lower prices. Additionally, news about a Spot Bitcoin ETF from Franklin Templeton might have encouraged more people to get involved with Bitcoin.
However, even though wallet activity is up, Bitcoin's price is still not doing well, and it's uncertain if this increased activity will significantly affect its value. Bitcoin is currently trading just above $26,000, with small gains. It might continue to trade in a narrow range in September.
Investors are waiting for decisions about various Spot Bitcoin ETFs, which could have a big impact on Bitcoin's price. But given its current performance and resistance levels between $26,000 and $27,000, there might not be any major price changes in the near future.
The increase in wallet activity could be because some investors see this as a chance to buy Bitcoin at lower prices. Additionally, news about a Spot Bitcoin ETF from Franklin Templeton might have encouraged more people to get involved with Bitcoin.
However, even though wallet activity is up, Bitcoin's price is still not doing well, and it's uncertain if this increased activity will significantly affect its value. Bitcoin is currently trading just above $26,000, with small gains. It might continue to trade in a narrow range in September.
Investors are waiting for decisions about various Spot Bitcoin ETFs, which could have a big impact on Bitcoin's price. But given its current performance and resistance levels between $26,000 and $27,000, there might not be any major price changes in the near future.
