Bitcoin On-Chain Activity Nearing Historic Lows – What This Means For BTC Price

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,332,700,132,057	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,332,700,132,057

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-1,294.02	-1.87%	67,809.00	67,804.94	67,806.60

Price Change

Price Change %

Current Price

Bid Price

Offer

-1,294.02

-1.87%

67,809.00

67,804.94

67,806.60

High Price	Low Price	Open Price	Prev. Close	52 Week Range
70,066.95	67,550.00	69,217.46	69,103.02	24,750.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

70,066.95

67,550.00

69,217.46

69,103.02

24,750.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	17:20:28	0.199867	67,809.69	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

17:20:28

0.199867

67,809.69

USD

Price x Volume	Volume	Base Symbol	Related Pairs
578,836,032.98	8,396.60	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

578,836,032.98

8,396.60

Bitcoin On-Chain Activity Nearing Historic Lows – What This Means For BTC Price

12/05/2024 11:00am

NEWSBTC

The price of Bitcoin has continued to move within a consolidation range since hitting a new all-time high in mid-March. This sluggish price action has been a source of worry to most investors, especially when the premier cryptocurrency recently lost its support at the $60,000 level. Interestingly, price is not the only Bitcoin metric that has cooled off since the first quarter of the year. Data analytics firm Santiment has revealed that on-chain activity on the Bitcoin network has also slowed down over the past few months. How Historically Low On-Chain Activity Affects BTC Price In a new post on the X platform, Santiment revealed that on-chain activity on the Bitcoin network is approaching historic lows. This revelation is based on the noticeable downtrend in various metrics, notably transaction volume, daily active addresses, and whale transaction count. Related Reading: US Mega Banks JP Morgan And Wells Fargo Unveil Bitcoin Exposure As BTC Drops To $60,000 According to the blockchain intelligence platform, investors have been transacting less with BTC since the premier cryptocurrency hit a new all-time high price. As a result, Bitcoin’s on-chain activity has dropped to its lowest level since 2019. Breaking down the metrics, Santiment found that transaction volume on the pioneer blockchain is falling to its lowest in the past decade. The data analytics firm defines transaction volume as a metric that tracks the total amount of coins transacted for a given asset within a timeframe. What’s more, Santiment mentioned in its report that the number of daily active addresses, which measures the number of distinct addresses that participated in a BTC transaction on any given day, has reached its lowest point since January 2019. Source: Santiment/X The blockchain intelligence platform also revealed that whale activity has slowed down on the Bitcoin network. The number of whale transactions (greater than $100,000) has fallen to the lowest point since the end of 2018, according to Santiment’s data. On the surface, the decline in on-chain activity seems like a worrying trend and a symptom of an unstable market health. Santiment, however, noted that this dip might not necessarily be associated with imminent BTC price dips – as seen in the past weeks. The analytics company said that the decline in on-chain activity is more indicative of “crowd fear and indecision” amongst traders. Ultimately, this underscores the connection between the on-chain activity and sentiment in the Bitcoin market. Bitcoin Price At A Glance According to data from CoinGecko, the price of Bitcoin sits just above $60,770, with a mere 0.2% price dip in the past day. Related Reading: Ex-Twitter CEO Jack Dorsey Says Bitcoin Will Reach $1 Million, Here’s When Bitcoin price continues to move within a range | Source: BTCUSDT chart on TradingView Featured image from iStock, chart from TradingView

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

BTCUSD Bitcoin