Bitcoin (BTC) has had many ups and downs around the $28,000 mark for the last three weeks. The fluctuations come while the global crypto market cap drops by roughly $23 billion in less than a week.

BTC is trading at $28,300 at the time of writing, up by 1.4% in the past 24 hours. The bullish momentum as the amount of non-zero bitcoin addresses reached an all-time high (ATH) of 45.5 million, according to data provided by Glassnode.

Per the data provider, the on-chain activity of BTC is “improving.” On the other hand, the Bitcoin Miner Outflow has reached 52.418 BTC, marking a one-month low, which is also a bullish sign, according to Glassnode.

Data shows that around $3.6 billion worth of bitcoin has moved into the exchanges, while over $3.5 billion coins were withdrawn over the last seven days. This shows a positive $52.2 million flow to the platforms.

While BTC has been on a bull run, the total crypto market capitalization has dropped from its local high of $1.207 trillion on April 5, to $1.184 trillion at the time of writing, a $23 billion loss, according to CoinMarketCap (CMC) data. 

Currently, bitcoin has a 46.2% share of the total market cap, while ethereum (ETH), the second-largest crypto asset, has an 18.9% stake.