Researchers at Andreessen Horowitz (a16z) have estimated that millions of active crypto users exist monthly. Accurately gauging the number of users is challenging due to multiple addresses created for security and airdrop purposes.
Crypto User Estimation
The analysts estimate that there are 30 to 60 million 'real' crypto users monthly, accounting for about 14-27% of the 220 million active addresses measured in September.
Research Methodology
Researchers excluded addresses receiving funds from distribution contracts that automatically allocate them to various other addresses. Addresses with near-zero balance at both the start and end of September engaging in numerous transactions were also excluded.
Potential User Base
Eddie Lazzarin and Daren Matsuoka noted that bots could operate at much higher transaction frequencies compared to human users.
The a16z research emphasizes the growth potential in the crypto technology sector through re-engagement of existing passive investors via innovative applications and improved infrastructure.