Analysts Can’t Agree on What Prompted Big Spike in New Bitcoin Addresses

Bitcoin has seen a rapid rise in the creation of addresses on the blockchain so far this month, with one industry executive saying it’s likely due to traders moving funds off the legally troubled BitMEX exchange. Others point elsewhere.

  • The “entities net growth” 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.
  • Tuesday’s 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. authorities’ recent decision to bring civil and criminal charges against cryptocurrency derivatives trading platform BitMEX and users’ 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
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