Bitcoin Network Activity Slumps To One-Year Low

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,922,962,899,441	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,922,962,899,441

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	721.70	0.75%	97,297.58	97,297.57	97,297.58

Price Change

Price Change %

Current Price

Bid Price

Offer

721.70

0.75%

97,297.58

97,297.57

97,297.58

High Price	Low Price	Open Price	Prev. Close	52 Week Range
97,898.33	96,417.92	96,712.24	96,575.88	42,760.44 - 109,356.00

High Price

Low Price

Open Price

Prev. Close

52 Week Range

97,898.33

96,417.92

96,712.24

96,575.88

42,760.44 - 109,356.00

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	11:02:04	0.000010	97,297.58	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

11:02:04

0.000010

97,297.58

USD

Price x Volume	Volume	Base Symbol	Related Pairs
218,212,923.87	2,245.20	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

218,212,923.87

2,245.20

Bitcoin Network Activity Slumps To One-Year Low – Is BTC Overpriced?

07/02/2025 3:30am

NEWSBTC

According to a recent CryptoQuant Research post, Bitcoin (BTC) network activity has slumped to a 12-month low, with CryptoQuant’s Bitcoin Network Activity Index currently at its lowest level since February 2024. Bitcoin Network Activity Drops As Market Consolidates Data from CryptoQuant’s Bitcoin Network Activity Index shows that activity has declined by 15% from its peak in November 2024. As of February 5, the Index stands at 3,760, marking its lowest level in the past year. Related Reading: Bitcoin 4-Hour RSI Hits Oversold Zone – Is A BTC Rebound Near? The decline in network activity is primarily attributed to a sharp drop in the number of transactions on the Bitcoin network. From an all-time high (ATH) of 734,000 transactions in September 2024, the total daily transaction count has fallen by 53% to 346,000. According to CryptoQuant, this downturn in BTC network activity is largely driven by a decline in the use of the Runes Protocol for minting tokens on the blockchain. The post explains: This is evident in the total daily number of OP RETURN codes in Bitcoin transactions, which the RUNES protocol uses to write data about token mints and transfers on the network. When the RUNES protocol emerged in April 2024, the daily number of OP RETURN codes spiked to 802K. However, the number of OP RETURN code has plummeted since, with only 10K OP RETURN codes used. For the uninitiated, The Runes Protocol is a new token standard for BTC, designed to enable fungible token creation directly on the network without requiring off-chain data or complex smart contracts. It aims to be more efficient and scalable than previous Bitcoin tokenization methods like Ordinals and BRC-20. Further evidence of reduced network activity is visible in Bitcoin mempool traffic. The total number of pending transactions waiting to be confirmed in a Bitcoin block has plummeted by 99%, from 287,000 in December 2024 to just 3,000 as of February 5, 2025. Notably, this is the lowest level of mempool traffic since March 2022. Is BTC Overvalued At Current Price? The analysis suggests that, based on network activity, Bitcoin’s fair value currently falls between $48,000 and $95,000. This implies that BTC’s current market price of around $98,000 may be overvalued. Related Reading: Bitcoin Withstands DeepSeek Dip And FOMC Volatility – How Close Is A New ATH? However, another CryptoQuant contributor argues that the current Bitcoin price presents a strong buying opportunity for investors looking to dollar-cost average their holdings. Similarly, another analyst suggests that BTC’s recent market performance indicates it is in the distribution phase of the market cycle. Despite short-term concerns, the long-term outlook for BTC remains bullish. A Standard Chartered executive recently predicted that Bitcoin could reach $200,000 by the end of 2025. At press time, BTC trades at $97,914, down 0.1% in the past 24 hours. Featured image from Unsplash, Chart from TradingView.com

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

BTCUSD Bitcoin