How Many Real Users Are There in Cryptocurrency?

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The cryptocurrency industry has evolved rapidly over the past few years, moving beyond speculative trading into real-world applications, decentralized finance (DeFi), and digital ownership. As the ecosystem grows, a fundamental question arises: How many actual people are actively using cryptocurrency? This isn't just a numbers game—it's critical for understanding adoption, measuring product-market fit, and forecasting future growth.

While blockchain data offers vast amounts of information, estimating real user counts is far from straightforward. Unlike traditional software platforms where user identities are tied to emails or social accounts, crypto operates in a pseudonymous environment, making it difficult to distinguish one human from another—or from bots.

Why Active Addresses Don’t Equal Real Users

One of the most commonly cited metrics in crypto is “active addresses”—wallets that send or receive transactions within a given period. In September 2024, major EVM-compatible blockchains collectively reported around 22 million unique monthly active addresses.

However, this number is highly misleading as a proxy for real users.

A single person can control dozens—or even hundreds—of wallet addresses for legitimate reasons such as privacy, security, or managing different portfolios. Conversely, a single address might represent multiple users, like in shared exchange wallets or multi-signature setups.

Moreover, Sybil attacks are rampant: users create numerous fake identities (addresses) to exploit incentive programs. The rise of low-cost L2 networks and high-throughput blockchains has made it nearly free to generate and use thousands of addresses—fueling practices like airdrop farming, where individuals game token distribution systems by simulating activity across multiple wallets.

As a result, raw active address counts can overstate real human usage by an order of magnitude.

👉 Discover how blockchain analytics can reveal real user behavior behind the noise.

Method #1: Filtering Out Bot-Like Behavior on Chain

To estimate true user numbers, we applied several chain-based filters designed to identify and remove likely non-human or synthetic activity:

1. Exclude Addresses Funded by Airdrop Distributors

Many addresses receive funds from smart contracts built solely to disperse tokens to large groups—commonly used in airdrops. These recipients often share behavioral patterns and originate from a single source, suggesting coordinated rather than organic usage.

2. Remove Transient Wallets With Near-Zero Balances

We filtered out addresses that had negligible balances both at the beginning and end of the month. Real users typically maintain some balance to cover future gas fees, while bots often drain funds immediately after use.

3. Analyze Transaction Frequency Distribution

Addresses with only one or two transactions in a month are more likely to be bots or one-off participants. In contrast, users engaging repeatedly—interacting with DeFi protocols, NFTs, or bridges—show stronger signs of authentic engagement.

4. Flag High-Frequency Transaction Spikes

Humans interact with wallets at a natural pace. Bots, however, can execute hundreds of transactions in minutes. By detecting abnormal transaction bursts within short timeframes, we can flag suspicious behavior.

5. Prioritize Identity-Linked Wallets

Wallets associated with decentralized identity systems—such as ENS names, Farcaster profiles, or social login integrations—are more likely to belong to real individuals. These require time, effort, or small financial commitments, acting as a weak but meaningful barrier to mass automation.

These filters help narrow down the pool of active addresses to those exhibiting human-like behavior—though no method is perfect. False positives and negatives remain inevitable.

Method #2: Estimating From Wallet Usage Data

Another approach involves looking off-chain—at actual wallet usage statistics.

MetaMask, one of the most widely used crypto wallets, reported 30 million monthly active users (MAUs) in early 2024. Their definition includes anyone who opens the mobile app or loads the browser extension at least once in a rolling 30-day window.

But here’s the catch: not all wallet openers actually transact on-chain.

Back in 2019, MetaMask shared that about 30% of its daily active users confirmed at least one blockchain transaction. While outdated, this figure remains one of the few benchmarks available. Applying it conservatively to their current MAU base suggests roughly 9 million monthly transacting users through MetaMask alone.

Now consider market share.

Though exact figures are proprietary, third-party analytics suggest MetaMask holds a dominant position—especially on mobile—among self-custody wallets. Based on industry estimates and usage trends across major chains (Ethereum, Arbitrum, Optimism, etc.), we believe MetaMask represents a significant portion—though not all—of total crypto wallet activity.

Using this data as a baseline and adjusting for other popular wallets (like Rainbow, Trust Wallet, and Phantom), we can extrapolate a global estimate of active crypto users who interact directly with decentralized applications (dApps).

👉 See how top wallets are shaping the next wave of crypto adoption.

Frequently Asked Questions (FAQ)

Q: What defines a "real" crypto user?

A: A real user is an individual who actively interacts with blockchain applications—such as swapping tokens, lending assets, minting NFTs, or bridging between chains—using self-controlled wallets. Passive holders who only store crypto on exchanges don’t count as active users in this context.

Q: Can’t people fake identity-linked wallets too?

A: Yes—some may register ENS names or Farcaster accounts purely for airdrop farming. However, these actions carry higher costs (time, gas fees, reputation) than creating bare addresses, making large-scale abuse less efficient.

Q: Why not just count exchange accounts?

A: Centralized exchanges report hundreds of millions of registered accounts—but many are duplicates or inactive. More importantly, exchange activity doesn’t reflect on-chain usage, which is central to decentralized ecosystems.

Q: Are smart contract wallets changing user measurement?

A: Absolutely. With account abstraction (e.g., ERC-4337), users can deploy contract-based wallets that behave differently from EOAs (externally owned accounts). This blurs the line between single-user and multi-user setups and will require new analytical models.

Q: How reliable are wallet provider statistics?

A: While companies like MetaMask provide valuable insights, their definitions of “active” vary and may include non-transacting users. Cross-validation with on-chain behavior improves accuracy.

Q: Will AI-generated wallets make user tracking impossible?

A: AI tools may automate wallet creation, but meaningful interaction still requires resources (tokens, gas). Economic signals—like sustained balance and diverse interactions—remain strong indicators of genuine usage.

Final Estimate: 30 Million to 60 Million Active Monthly Users

After combining insights from both chain-based filtering and wallet usage analysis, our best estimate is that there are currently between 30 million and 60 million real monthly active crypto users globally.

This range accounts for uncertainties in wallet market share, behavioral assumptions, and limitations in public data. It represents only 14% to 27% of the 220 million monthly active addresses observed in September 2024.

Even more telling? This figure is just 5% to 10% of the estimated 617 million global cryptocurrency holders reported by Crypto.com earlier in the year. That gap highlights a massive opportunity: most people who own crypto aren’t yet using it on-chain.

As infrastructure improves—lower fees, better UX, seamless account abstraction—the barrier to entry continues to fall. The next wave of adoption won’t come from new holders alone, but from turning dormant investors into active participants.

👉 Learn how emerging technologies are making crypto accessible to billions.

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