Report says Overall Activity of Ethereum (ETH) Wallets Surpass Bitcoin (BTC) for the First Time Ever

A report by crypto metrics firm Santiment has claimed that on Monday the overall activity of the Ethereum (ETH) addresses (or wallets) have crossed that of the Bitcoin (BTC). They claim that this is the first time ever in the history of digital assets such an incident has taken place.

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Santiment tweeted:

“Following up on yesterday’s report on #Ethereum #FUD and the buying opportunity we saw, today has marked a historic day – For the first time in #crypto history, $ETH address activity is ABOVE $BTC address activity, as prices have soared back above $2,100.”

The metric considered in the report reflects the total number of active unique addresses, which have conducted transactions in the last 24-hours time span. The chart shown by Santiment, in its report, showed that there are around 651,560 wallets where multifarious activities took place on the Ethereum blockchain. In comparison, the total activities on the Bitcoin chain was just 597,280.

Though this definitely shows the general activity, it doesn’t really show the actual number of users that are involved in the total activity. This is because a person can have multiple addresses or wallets. Therefore, each address doesn’t always mean a single person. That’s why many say that this figure is only an indicative one. 

However, data from other platforms contradict the conclusion made by Santiment's report. Glassnode’s data shows that on Monday there were 683,021 active addresses. In fact, on June 28, 2021, 787,767 wallets conducted transactions on Bitcoin’s blockchain, showing that BTC blockchain got more thansactions than that of ETH.

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