Bitcoin has seen a rapid rise in the creation of addresses on the blockchain so far this month, with one industry executive saying itÃ¢ÂÂs likely due to traders moving funds off the legally troubled BitMEX exchange. Others point elsewhere.
The Ã¢ÂÂentities net growthÃ¢ÂÂ metric from analytics firm Glassnode, which measures the daily change in unique entities or clusters of addresses controlled by a single participant, rose sharply by 244% from 9,750 to 33,620 in the first six days of October.
TuesdayÃ¢ÂÂs tally of 33,620 was the highest since Oct. 3, 2018.
The surge in new entities noticeably picked up the pace in the wake of U.S. authoritiesÃ¢ÂÂ recent decision to bring civil and criminal charges against cryptocurrency derivatives trading platform BitMEX and usersÃ¢ÂÂ resulting panicked migration of funds to other exchanges.
BitMEX has witnessed an outflow of at least 40,000 BTC (worth around $424 million at press time) since the