{"id":607609,"date":"2024-05-12T10:00:35","date_gmt":"2024-05-12T10:00:35","guid":{"rendered":"https:\/\/uniquehot.com\/?p=607609"},"modified":"2024-06-11T06:58:40","modified_gmt":"2024-06-11T06:58:40","slug":"bitcoin-on-chain-activity-nearing-historic-lows-what-this-means-for-btc-price","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-on-chain-activity-nearing-historic-lows-what-this-means-for-btc-price\/","title":{"rendered":"Bitcoin On-Chain Activity Nearing Historic Lows &#8211; What This Means For BTC Price"},"content":{"rendered":"<p><span style=\"font-weight: 400\">The <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-top-2021-peak-analyst-explains-why\/\" target=\"_blank\" rel=\"noopener \">price of Bitcoin<\/a> 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.<\/span><\/p>\n<p><span style=\"font-weight: 400\">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.<\/span><\/p>\n<h2><strong>How Historically Low On-Chain Activity Affects BTC Price<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">In a <a href=\"https:\/\/x.com\/santimentfeed\/status\/21169208\" target=\"_blank\" rel=\"noopener nofollow\">new post<\/a> 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.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/jp-morgan-wells-fargo-bitcoin\/\" target=\"_blank\" rel=\"noopener \">US Mega Banks JP Morgan And Wells Fargo Unveil Bitcoin Exposure As BTC Drops To $60,000<\/a><\/div>\n<p><span style=\"font-weight: 400\">According to the blockchain intelligence platform, investors have been transacting less with BTC since the premier cryptocurrency hit a <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/pantera-capital-predicts-bitcoin-price-surge-to-117000-insight-into-the-timing-and-factors\/\" target=\"_blank\" rel=\"noopener \">new all-time high price<\/a>. As a result, Bitcoin\u2019s on-chain activity has dropped to its lowest level since 2019.<\/span><\/p>\n<p><span style=\"font-weight: 400\">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.<\/span><\/p>\n<p><span style=\"font-weight: 400\">What\u2019s more, <a href=\"https:\/\/uniquehot.com\/altcoin\/altcoins-opportunity-zone-santiment-reveals\/\" target=\"_blank\" rel=\"noopener \">Santiment<\/a> 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.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/pbs.twimg.com\/media\/GNUqYSObgAA02DX?format=jpg&amp;name=4096x4096\" alt=\"Bitcoin\" width=\"2523\" height=\"1752\"><\/p>\n<pre style=\"text-align: center\">Source:<a href=\"https:\/\/x.com\/santimentfeed\/status\/21169208\" target=\"_blank\" rel=\"noopener nofollow\"> Santiment\/X<\/a><\/pre>\n<p><span style=\"font-weight: 400\">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\u2019s data.<\/span><\/p>\n<p><span style=\"font-weight: 400\">On the surface, the <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-price-dip-could-be-linked-to-on-chain-activity\/\" target=\"_blank\" rel=\"noopener \">decline in on-chain activity<\/a>\u00a0seems 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 &#8211; as seen in the past weeks.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The analytics company said that the decline in on-chain activity is more indicative of \u201ccrowd fear and indecision\u201d amongst traders. Ultimately, this underscores the connection between the on-chain activity and sentiment in the Bitcoin market.<\/span><\/p>\n<h2><strong>Bitcoin Price At A Glance<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">According to <a href=\"https:\/\/www.coingecko.com\/en\/coins\/bitcoin\" target=\"_blank\" rel=\"noopener nofollow\">data from CoinGecko<\/a>, the price of Bitcoin sits just above $60,770, with a mere 0.2% price dip in the past day.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-will-reach-1-million\/\" target=\"_blank\" rel=\"noopener \">Ex-Twitter CEO Jack Dorsey Says Bitcoin Will Reach $1 Million, Here\u2019s When<\/a><\/div>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/fskzsPnO\/\" alt=\"Bitcoin\" width=\"2174\" height=\"1434\"><\/p>\n<pre style=\"text-align: center\">Bitcoin price continues to move within a range | Source: BTCUSDT chart on <a href=\"https:\/\/www.tradingview.com\/x\/fskzsPnO\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView<\/a><\/pre>\n<div class=\"disclaimer-shortcode\"><em>Featured image from iStock, chart from TradingView<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"<p>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\u2019s 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\u2019s 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\u2019s data. On the surface, the decline in on-chain activity\u00a0seems 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 &#8211; as seen in the past weeks. The analytics company said that the decline in on-chain activity is more indicative of \u201ccrowd fear and indecision\u201d 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\u2019s When Bitcoin price continues to move within a range | Source: BTCUSDT chart on TradingView Featured image from iStock, chart from TradingView<\/p>\n","protected":false},"author":590,"featured_media":567409,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,679,1122,78790,51430,57231],"class_list":["post-607609","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-btc-price","tag-btcusdt","tag-on-chain-activity","tag-santiment"],"acf":[],"yoast_head":"\n<title>Bitcoin On-Chain Activity Nearing Historic Lows - What This Means For BTC Price<\/title>\n<meta name=\"description\" content=\"The price of Bitcoin has continued to move within a consolidation range since hitting a new all-time high in mid-March.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/uniquehot.com\/news\/bitcoin-on-chain-activity-nearing-historic-lows-what-this-means-for-btc-price\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin On-Chain Activity Nearing Historic Lows - What This Means For BTC Price\" \/>\n<meta property=\"og:description\" content=\"The price of Bitcoin has continued to move within a consolidation range since hitting a new all-time high in mid-March.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/uniquehot.com\/news\/bitcoin-on-chain-activity-nearing-historic-lows-what-this-means-for-btc-price\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-12T10:00:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-11T06:58:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/12\/iStock-906872048.jpeg?fit=1230%2C853\" \/>\n\t<meta property=\"og:image:width\" content=\"1230\" \/>\n\t<meta property=\"og:image:height\" content=\"853\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Opeyemi Sule\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/twitter.com\/fwOpeyemi\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Opeyemi Sule\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/uniquehot.com\/news\/bitcoin-on-chain-activity-nearing-historic-lows-what-this-means-for-btc-price\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/uniquehot.com\/news\/bitcoin-on-chain-activity-nearing-historic-lows-what-this-means-for-btc-price\/\"},\"author\":{\"name\":\"Opeyemi Sule\",\"@id\":\"https:\/\/uniquehot.com\/#\/schema\/person\/f00d04323451aba53c6c7cca439248b8\"},\"headline\":\"Bitcoin On-Chain Activity Nearing Historic Lows &#8211; 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While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies. Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. \u201cLooking\u201d is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi\u2019s favorite part - in fact, far from it. Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. \u201cThis emphasizes the intricacies of blockchain technology and the cryptocurrency market,\u201d he would say. 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However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi\u2019s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings. Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that \u201cwhatever is worth doing at all is worth doing well.\u201d Hence, you will always find him striving to be better. Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. 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While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies. Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. \u201cLooking\u201d is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi\u2019s favorite part - in fact, far from it. Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. \u201cThis emphasizes the intricacies of blockchain technology and the cryptocurrency market,\u201d he would say. 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