Bitcoin Activity Hits 1-Year Low, but These Metrics Point to Bullish Moves: CryptoQuant

CoinDesk (nprofile…nhef)
✍️ Despite a decline in Bitcoin's network activity, a CryptoQuant analysis suggests that the price of Bitcoin may still grow in the coming months due to increased demand from long-term accumulator addresses.
👉 Bitcoin Network Activity Index has been down 15% since November 2024's record high
👉 Total daily number of transactions is down 53% from a high of 734,000
👉 Bitcoin mempool volumes have plummeted from 287,000 to 3,000, a slide of nearly 99%
👉 Use of Runes Protocol, a relatively new way to issue fungible tokens directly on Bitcoin, has collapsed
👉 Demand from long-term accumulator addresses has increased in recent weeks

#technology

quoting nevent1q…dqh6

CoinDesk (nprofile…nhef)

A dip in activity was marked by a sharp decline in the number of transactions and a spike in demand from long-term holders may underpin the bitcoin price.
https://www.coindesk.com/markets/2025/02/07/bitcoin-activity-hits-1-year-low-but-these-metrics-point-to-bullish-moves-cryptoquant