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Description

The Daily Address Activity metric measures network engagement by categorizing unique blockchain addresses as either active or passive. Active addresses are those generating outputs, while passive addresses are those involved as inputs. This distinction provides important insights into the health and transactional dynamics of the network by capturing the daily participation of addresses. This metric currently covers Ethereum (ETH) and Bitcoin (BTC) networks.

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Use Case

Traders can interpret changes in active address counts as potential market signals—an increase in active addresses may indicate buying pressure, while a decrease can suggest selling activity. **Analysts **leverage these metrics to construct risk models and assess network robustness. Researchers utilize this data to analyze correlations between address activity (new and existing) and other phenomena such as ordinal transactions or ETF interest.

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Methodology

Passive Addresses / Inputs:
  • Daily Inputs: Records of addresses acting as transaction inputs, tracked by date.
  • Passive Addresses: Count of unique addresses with inputs per day.
  • New Inputs: Count of distinct addresses appearing as inputs for the first time on a given day.
Active Addresses / Outputs:
  • Daily Outputs: Records of addresses acting as transaction outputs, tracked by date.
  • Active Addresses: Count of unique addresses with outputs per day.
  • New Outputs: Count of distinct addresses appearing as outputs for the first time on a given day.
All Addresses:
  • The total set of addresses participating in transactions as either inputs or outputs on a given day.