A bitcoin (Btc) The holder’s metric points to the price growth in the months in advance even though the blockchain activity falls at least a year, a cryptoquant review mentioned this week.
Bitcoin network activity of the Bitcoin network has dropped 15% since the high record of November 2024 and standing 3,760 until Friday morning, its lowest level since February 2024. The index is a combined -joint measure of active Address, number of transactions, block size and fees among other Bitcoin metrics to indicate growth or a collapse in bitcoin use.
A collapse in the activity is marked by a sharp decline in the number of transactions. The total day -to -day transactions are 346,000 to Friday, down 53% from a high 734,000.
Low network activity is also evident in Bitcoin Mempool, or a collection of all unconfirmed bitcoin transactions waiting to be included in a block of miners. Mempool volumes fell from a high 287,000 in December to just 3,000 to Thursday, a slide of almost 99% in levels invisible since March 2022.
Cryptoquant said the lower use of the Runes Protocol, a relatively new way to issue fungible tokens directly to Bitcoin, may be behind the sting.
“Decline in Bitcoin network activity can be explained by falling into the use of runes protocol on mint tokens on the Bitcoin network,” he said. “This is evident in the overall day -to -day number of OP return codes in Bitcoin transactions, which is used by the Runes Protocol to write data about token mints and network shifts.
“When the RUNES protocol appeared in April 2024, the sun -the -OP Return Codes emerged at 802K. However, the number of OP Return Code has fallen since, with the 10K OP Return Code used , “the firm added.
However, the collapse of the activity may not directly affect bitcoin prices, which are seen as likely to grow because demand from long -term accumulators has increased in recent weeks.
Such a spike is a history associated with a BTC price rally and signal the general understanding of ownership as an investment owner, or value store. Permanent holders are addresses that accumulate BTC over time and never engage in spending transactions, indicating a long-term handling approach that creates a lack of seller pressure.
