Bitcoin network activity falls 30% vs. ATH as demand ‘slows down’
In a Feb. 18 tweet, on-chain analytics firm Glassnode Tick A major shift in Bitcoin’s on-chain activity that has seen demand “calm down” after hitting an all-time high (ATH) three months ago.
Companies operating in the bitcoin sector are mimicking the 2019 “mini bull market.”
Investor interest has waned as Bitcoin plummeted from $69,000 to $33,000.
Now the latest data shows that for companies operating in the chain – the owners of one or more wallets – the same is true.
Every day, the Bitcoin network sees around 275,000 active entities conducting transactions, up from over 400,000 in November 2021.
This drop means that daily active units are now at the same levels as mid-2019 and even much lower than the December 2017 halving peak.
“This level of activity is well below the peak of the bull market, indicating low demand from new users,” Glassnode commented.
The Glassnode researchers added that the number of entities tends to increase regardless of the cycle, which they attribute to Bitcoin’s network effects playing out as predicted.
Bitcoin Daily Active Units | Source: Glassnode/Twitter
Although the drop in activity is significant in such a short period of time, e.g Bitcoin Magazine According to reports, the number of wallets has only increased, and those containing 0.01 BTC (about $400) or more are now nearly 10 million.
Grown up and fit
Meanwhile, the latest issue of the Uncharted newsletter also features Glassnode confirm that on-chain demand is trending “high and steady.”
Daily trading volume skyrocketed in the middle of last year, and the weekly average is now more than double what it was in October 2020, before BTC/USD broke out of a three-year range.
Since January 2021, long-term holders — wallets with non-zero balances that haven’t moved in at least 155 days — have accumulated another 3 million BTC, another sign of long-term confidence.
“Institutional investors entering the market are a sign of widespread adoption,” said Glassnode co-founders Yann Allemann and Jan Happel say more.
Total daily Bitcoin trading volume | Source: Negentropic/Twitter
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Bitcoin network activity falls 30% vs. ATH as demand ‘slows down’
In a Feb. 18 tweet, on-chain analytics firm Glassnode Tick A major shift in Bitcoin’s on-chain activity that has seen demand “calm down” after hitting an all-time high (ATH) three months ago.
Companies operating in the bitcoin sector are mimicking the 2019 “mini bull market.”
Investor interest has waned as Bitcoin plummeted from $69,000 to $33,000.
Now the latest data shows that for companies operating in the chain – the owners of one or more wallets – the same is true.
Every day, the Bitcoin network sees around 275,000 active entities conducting transactions, up from over 400,000 in November 2021.
This drop means that daily active units are now at the same levels as mid-2019 and even much lower than the December 2017 halving peak.
“This level of activity is well below the peak of the bull market, indicating low demand from new users,” Glassnode commented.
The Glassnode researchers added that the number of entities tends to increase regardless of the cycle, which they attribute to Bitcoin’s network effects playing out as predicted.
Bitcoin Daily Active Units | Source: Glassnode/Twitter
Although the drop in activity is significant in such a short period of time, e.g Bitcoin Magazine According to reports, the number of wallets has only increased, and those containing 0.01 BTC (about $400) or more are now nearly 10 million.
Grown up and fit
Meanwhile, the latest issue of the Uncharted newsletter also features Glassnode confirm that on-chain demand is trending “high and steady.”
Daily trading volume skyrocketed in the middle of last year, and the weekly average is now more than double what it was in October 2020, before BTC/USD broke out of a three-year range.
Since January 2021, long-term holders — wallets with non-zero balances that haven’t moved in at least 155 days — have accumulated another 3 million BTC, another sign of long-term confidence.
“Institutional investors entering the market are a sign of widespread adoption,” said Glassnode co-founders Yann Allemann and Jan Happel say more.
Total daily Bitcoin trading volume | Source: Negentropic/Twitter
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
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