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Bitcoin transactions staying short despite a price rally

4 min reading

Despite the fact that the price of Bitcoin (BTC) has increased by 45 percent in the last 30 days, cryptocurrency investors are not changing their holdings in response to new data.

Even with Bitcoin’s (BTC) price increasing by 45% over the last 30 days, cryptocurrency investors are not changing their holdings based on a new data. Blockchain analytics provider stated that during the new “The week on chain” report on Monday revealed that bitcoin has continued rallying to a new multi-month high even with separation in on-chain activity during the week ending on Monday. 

The report had information which said that Bitcoin on-chain activity such as the number of entity-adjusted transactions, has not reacted to the ongoing bullish action the rest was at a historically low levels of between 175,000 and 200,000 daily transactions. Bitcoin on-chain activity reached a very low stage after May 2021’s crypto market crash and hasn’t gone above his level ever since. 

The total number of Bitcoin transactions was this low only a few times in the last five years with the 2016-2017 bull run, in which Bitcoin reached a $20,000 for the first time. during the same level it was recorded during the 2018-2019 bear market as Bitcoin’s price plunged to 85% from its all-time high record. Even with a notable indifference between the increasing prices and low on-chain activity, the total supply dynamics have stayed quite bullish. During this week, the bitcoin supply held by long-term holders has reached an all-time high of 12.69 million BTC, exceeding the previous record posted in October 2019. During early August, it was stated that Bitcoin’s 50% downside correction in May was probably not as shocking as it was considered in 2018 due to strong “hodling behaviour.” 

. Blockchain analytics provider stated that during the new “The week on chain” report on Monday revealed that bitcoin has continued rallying to a new multi-month high even with separation in on-chain activity during the week ending on Monday. 

The report had information which said that Bitcoin on-chain activity such as the number of entity-adjusted transactions, has not reacted to the ongoing bullish action the rest was at a historically low levels of between 175,000 and 200,000 daily transactions. Bitcoin on-chain activity reached a very low stage after May 2021’s crypto market crash and hasn’t gone above his level ever since. 

The total number of Bitcoin transactions was this low only a few times in the last five years with the 2016-2017 bull run, in which Bitcoin reached a $20,000 for the first time. during the same level it was recorded during the 2018-2019 bear market as Bitcoin’s price plunged to 85% from its all-time high record. Even with a notable indifference between the increasing prices and low on-chain activity, the total supply dynamics have stayed quite bullish. During this week, the bitcoin supply held by long-term holders has reached an all-time high of 12.69 million BTC, exceeding the previous record posted in October 2019. During early August, it was stated that Bitcoin’s 50% downside correction in May was probably not as shocking as it was considered in 2018 due to strong “hodling behaviour.” 

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