Institutional investment has been dominating the Bitcoin space lately, but new insights suggest that retail activity has also picked up in recent times. In January 2021, as Bitcoin’s price reached an all-time high (ATH), the network activity has subsequently increased. Glassnode reported the network activity this past Tuesday. 

The details: In January 2021, more than 22.3 million unique addresses were active on the Bitcoin network sending or receiving BTC. The activity noted surpasses the last all-time-high observed in December 2017 with 21 million active addresses. Post-December 2017, the number of active and unique addresses has never gone below 10 million. 

Bitcoin’s Activity in January

Bitcoin recorded a surge in trading volume after it surpassed a new ATH above $40,000 on January 8, 2021. The trading activity decreased after Bitcoin’s price entered a three-week consolidation period. Glassnode also noted that after the early highs, the number of active entries declined.