Unique entities hit their highest weekly average since early 2018 as bullish network momentum snowballs.
Bitcoin (BTC) is seeing a surge in interest this summer, as consumer awareness is reflected in unique network entities hitting more than two-year highs.
Unique entity growth mirrors 2017 bull run
More unique entities are joining the Bitcoin network as activity increasingly resembles the bull run to all-time highs in 2017.
According to data from on-chain monitoring resource Glassnode, as of August 4, the average weekly new entity count has returned to 140,000, its highest since early 2018.
New entities refer to wallet addresses, with Glassnode defining them as “a cluster of addresses that are controlled by the same network entity.”
Overall growth in activity comes as price action flips bullish above $10,000, with five figures holding as support for the first time since 2019.
Bitcoin new entities 7-day moving average chart.