• bitcoinBitcoin (BTC) $ 113,795.00
  • ethereumEthereum (ETH) $ 3,585.39
  • xrpXRP (XRP) $ 2.95
  • tetherTether (USDT) $ 0.999807
  • bnbBNB (BNB) $ 750.23
  • solanaSolana (SOL) $ 163.17
  • usd-coinUSDC (USDC) $ 0.999800
  • staked-etherLido Staked Ether (STETH) $ 3,582.64
  • tronTRON (TRX) $ 0.332003
  • dogecoinDogecoin (DOGE) $ 0.198907
  • cardanoCardano (ADA) $ 0.722203
  • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 113,844.00
  • wrapped-stethWrapped stETH (WSTETH) $ 4,336.36
  • hyperliquidHyperliquid (HYPE) $ 38.13
  • stellarStellar (XLM) $ 0.395903
  • suiSui (SUI) $ 3.40
  • wrapped-beacon-ethWrapped Beacon ETH (WBETH) $ 3,851.97
  • chainlinkChainlink (LINK) $ 16.31
  • bitcoin-cashBitcoin Cash (BCH) $ 548.24
  • hedera-hashgraphHedera (HBAR) $ 0.237995
  • wrapped-eethWrapped eETH (WEETH) $ 3,846.30
  • ethena-usdeEthena USDe (USDE) $ 1.00
  • avalanche-2Avalanche (AVAX) $ 21.72
  • litecoinLitecoin (LTC) $ 120.30
  • wethWETH (WETH) $ 3,586.80
  • leo-tokenLEO Token (LEO) $ 8.98
  • usdsUSDS (USDS) $ 0.999498
  • the-open-networkToncoin (TON) $ 3.23
  • shiba-inuShiba Inu (SHIB) $ 0.000012
  • binance-bridged-usdt-bnb-smart-chainBinance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 0.999691
  • whitebitWhiteBIT Coin (WBT) $ 42.72
  • coinbase-wrapped-btcCoinbase Wrapped BTC (CBBTC) $ 113,835.00
  • uniswapUniswap (UNI) $ 9.49
  • polkadotPolkadot (DOT) $ 3.60
  • moneroMonero (XMR) $ 292.32
  • bitget-tokenBitget Token (BGB) $ 4.29
  • ethena-staked-usdeEthena Staked USDe (SUSDE) $ 1.19
  • crypto-com-chainCronos (CRO) $ 0.136197
  • pepePepe (PEPE) $ 0.000010
  • aaveAave (AAVE) $ 253.85
  • ethenaEthena (ENA) $ 0.579988
  • daiDai (DAI) $ 0.999792
  • bittensorBittensor (TAO) $ 338.59
  • ethereum-classicEthereum Classic (ETC) $ 20.06
  • mantleMantle (MNT) $ 0.897303
  • nearNEAR Protocol (NEAR) $ 2.43
  • ondo-financeOndo (ONDO) $ 0.917410
  • aptosAptos (APT) $ 4.23
  • okbOKB (OKB) $ 45.06
  • internet-computerInternet Computer (ICP) $ 5.03
  • pi-networkPi Network (PI) $ 0.344230
  • jito-staked-solJito Staked SOL (JITOSOL) $ 199.30
  • blackrock-usd-institutional-digital-liquidity-fundBlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00
  • kaspaKaspa (KAS) $ 0.085775
  • binance-peg-wethBinance-Peg WETH (WETH) $ 3,586.60
  • usd1-wlfiUSD1 (USD1) $ 0.999586
  • pudgy-penguinsPudgy Penguins (PENGU) $ 0.033499
  • algorandAlgorand (ALGO) $ 0.236624
  • fasttokenFasttoken (FTN) $ 4.58
  • arbitrumArbitrum (ARB) $ 0.382383
  • vechainVeChain (VET) $ 0.022784
  • gatechain-tokenGate (GT) $ 16.32
  • cosmosCosmos Hub (ATOM) $ 4.19
  • polygon-ecosystem-tokenPOL (ex-MATIC) (POL) $ 0.211414
  • susdssUSDS (SUSDS) $ 1.06
  • bonkBonk (BONK) $ 0.000024
  • render-tokenRender (RENDER) $ 3.50
  • story-2Story (IP) $ 6.04
  • worldcoin-wldWorldcoin (WLD) $ 0.936395
  • official-trumpOfficial Trump (TRUMP) $ 8.64
  • jupiter-perpetuals-liquidity-provider-tokenJupiter Perpetuals Liquidity Provider Token (JLP) $ 4.87
  • binance-staked-solBinance Staked SOL (BNSOL) $ 173.39
  • rocket-pool-ethRocket Pool ETH (RETH) $ 4,081.08
  • fetch-aiArtificial Superintelligence Alliance (FET) $ 0.642451
  • sei-networkSei (SEI) $ 0.287792
  • flare-networksFlare (FLR) $ 0.022805
  • skySky (SKY) $ 0.076306
  • kelp-dao-restaked-ethKelp DAO Restaked ETH (RSETH) $ 3,762.34
  • filecoinFilecoin (FIL) $ 2.32
  • lombard-staked-btcLombard Staked BTC (LBTC) $ 113,661.00
  • hash-2Provenance Blockchain (HASH) $ 0.032392
  • xdce-crowd-saleXDC Network (XDC) $ 0.093190
  • spx6900SPX6900 (SPX) $ 1.60
  • usdtbUSDtb (USDTB) $ 0.999794
  • jupiter-exchange-solanaJupiter (JUP) $ 0.462235
  • usdt0USDT0 (USDT0) $ 1.00
  • stakewise-v3-osethStakeWise Staked ETH (OSETH) $ 3,772.33
  • kucoin-sharesKuCoin (KCS) $ 10.48
  • liquid-staked-ethereumLiquid Staked ETH (LSETH) $ 3,873.67
  • mantle-staked-etherMantle Staked Ether (METH) $ 3,842.34
  • nexoNEXO (NEXO) $ 1.29
  • injective-protocolInjective (INJ) $ 13.01
  • first-digital-usdFirst Digital USD (FDUSD) $ 0.998166
  • curve-dao-tokenCurve DAO (CRV) $ 0.894519
  • blockstackStacks (STX) $ 0.678304
  • polygon-bridged-usdt-polygonPolygon Bridged USDT (Polygon) (USDT) $ 0.999568
  • falcon-financeFalcon USD (USDF) $ 0.999778
  • celestiaCelestia (TIA) $ 1.62
  • renzo-restaked-ethRenzo Restaked ETH (EZETH) $ 3,790.55
  • solv-btcSolv Protocol BTC (SOLVBTC) $ 113,780.00
  • pump-funPump.fun (PUMP) $ 0.003272
  • optimismOptimism (OP) $ 0.661936
  • conflux-tokenConflux (CFX) $ 0.204545
  • saros-financeSaros (SAROS) $ 0.394301
  • wbnbWrapped BNB (WBNB) $ 750.15
  • flokiFLOKI (FLOKI) $ 0.000104
  • binance-bridged-usdc-bnb-smart-chainBinance Bridged USDC (BNB Smart Chain) (USDC) $ 0.999832
  • jupiter-staked-solJupiter Staked SOL (JUPSOL) $ 184.06
  • syrupusdcSyrupUSDC (SYRUPUSDC) $ 1.12
  • pax-goldPAX Gold (PAXG) $ 3,382.94
  • paypal-usdPayPal USD (PYUSD) $ 0.999697
  • immutable-xImmutable (IMX) $ 0.496099
  • fartcoinFartcoin (FARTCOIN) $ 0.930653
  • the-graphThe Graph (GRT) $ 0.088897
  • arbitrum-bridged-wbtc-arbitrum-oneArbitrum Bridged WBTC (Arbitrum One) (WBTC) $ 113,773.00
  • memecoreMemeCore (M) $ 0.547518
  • sonic-3Sonic (S) $ 0.279780
  • pancakeswap-tokenPancakeSwap (CAKE) $ 2.55
  • clbtcclBTC (CLBTC) $ 113,817.00
  • dogwifcoindogwifhat (WIF) $ 0.868470
  • ethereum-name-serviceEthereum Name Service (ENS) $ 25.75
  • msolMarinade Staked SOL (MSOL) $ 214.26
  • tether-goldTether Gold (XAUT) $ 3,381.24
  • kaiaKaia (KAIA) $ 0.140707
  • tezosTezos (XTZ) $ 0.765601
  • lido-daoLido DAO (LDO) $ 0.900185
  • vaultaVaulta (A) $ 0.500956
  • virtual-protocolVirtuals Protocol (VIRTUAL) $ 1.18
  • super-oethSuper OETH (SUPEROETH) $ 3,584.89
  • mantle-restaked-ethMantle Restaked ETH (CMETH) $ 3,839.44
  • cgeth-hashkey-cloudcgETH Hashkey Cloud (CGETH.HASH) $ 3,750.92
  • theta-tokenTheta Network (THETA) $ 0.746530
  • ether-fi-staked-ethether.fi Staked ETH (EETH) $ 3,580.84
  • iotaIOTA (IOTA) $ 0.181904
  • jasmycoinJasmyCoin (JASMY) $ 0.014480
  • ousgOUSG (OUSG) $ 112.07
  • raydiumRaydium (RAY) $ 2.59
  • ondo-us-dollar-yieldOndo US Dollar Yield (USDY) $ 1.08
  • galaGALA (GALA) $ 0.015117
  • usdx-money-usdxStables Labs USDX (USDX) $ 0.998069
  • tbtctBTC (TBTC) $ 113,773.00
  • l2-standard-bridged-weth-baseL2 Standard Bridged WETH (Base) (WETH) $ 3,585.72
  • the-sandboxThe Sandbox (SAND) $ 0.263503
  • pyth-networkPyth Network (PYTH) $ 0.111319
  • bittorrentBitTorrent (BTT) $ 0.00000065
  • aerodrome-financeAerodrome Finance (AERO) $ 0.727039
  • pendlePendle (PENDLE) $ 3.82
  • ripple-usdRipple USD (RLUSD) $ 1.00
  • jito-governance-tokenJito (JTO) $ 1.64
  • morphoMorpho (MORPHO) $ 1.80
  • usual-usdUsual USD (USD0) $ 0.997553
  • newton-projectAB (AB) $ 0.008098
  • zcashZcash (ZEC) $ 35.24
  • bitcoin-avalanche-bridged-btc-bAvalanche Bridged BTC (Avalanche) (BTC.B) $ 113,783.00
  • flowFlow (FLOW) $ 0.352703
  • arbitrum-bridged-weth-arbitrum-oneArbitrum Bridged WETH (Arbitrum One) (WETH) $ 3,586.79
  • stader-ethxStader ETHx (ETHX) $ 3,817.94
  • usddUSDD (USDD) $ 0.999464
  • solv-protocol-solvbtc-bbnSolv Protocol Staked BTC (XSOLVBTC) $ 111,278.00
  • syrupMaple Finance (SYRUP) $ 0.446170
  • walrus-2Walrus (WAL) $ 0.374939
  • decentralandDecentraland (MANA) $ 0.275625
  • beldexBeldex (BDX) $ 0.073842
  • based-brettBrett (BRETT) $ 0.051437
  • binance-peg-dogecoinBinance-Peg Dogecoin (DOGE) $ 0.198581
  • bitcoin-svBitcoin SV (BSV) $ 25.56
  • coinbase-wrapped-staked-ethCoinbase Wrapped Staked ETH (CBETH) $ 3,952.41
  • heliumHelium (HNT) $ 2.69
  • vision-3Vision (VSN) $ 0.164602
  • rekt-4Rekt (REKT) $ 0.000001
  • true-usdTrueUSD (TUSD) $ 0.996083
  • swethSwell Ethereum (SWETH) $ 3,928.65
  • chain-2Onyxcoin (XCN) $ 0.013785
  • coredaoorgCore (CORE) $ 0.472146
  • telcoinTelcoin (TEL) $ 0.005108
  • apenftAPENFT (NFT) $ 0.00000048
  • build-onBUILDon (B) $ 0.469333
  • mog-coinMog Coin (MOG) $ 0.000001
  • thorchainTHORChain (RUNE) $ 1.29
  • savings-daiSavings Dai (SDAI) $ 1.16
  • zebec-networkZebec Network (ZBCN) $ 0.005161
  • apecoinApeCoin (APE) $ 0.554924
  • starknetStarknet (STRK) $ 0.115099
  • dexeDeXe (DEXE) $ 7.69
  • superstate-short-duration-us-government-securities-fund-ustbSuperstate Short Duration U.S. Government Securities Fund (USTB) (USTB) $ 10.77
  • arweaveArweave (AR) $ 6.61
  • keetaKeeta (KTA) $ 1.06
  • mantle-bridged-usdt-mantleMantle Bridged USDT (Mantle) (USDT) $ 1.00
  • reserve-rights-tokenReserve Rights (RSR) $ 0.007271
  • compound-governance-tokenCompound (COMP) $ 45.40
  • frax-etherFrax Ether (FRXETH) $ 3,577.63
  • sun-tokenSun Token (SUN) $ 0.022001
  • kavaKava (KAVA) $ 0.387174
  • tripTrip (TRIP) $ 14.18
  • neoNEO (NEO) $ 5.89
  • polygon-pos-bridged-weth-polygon-posPolygon PoS Bridged WETH (Polygon POS) (WETH) $ 3,584.36
  • dydx-chaindYdX (DYDX) $ 0.545881
  • hashnote-usycCircle USYC (USYC) $ 1.10
  • ether-fiEther.fi (ETHFI) $ 0.976007
  • tokenize-xchangeTokenize Xchange (TKX) $ 5.12

Bitcoin Transfer Count Lowest Since 2023—Is This Bearish?

0 24

Bitcoin Transfer Count Lowest Since 2023—Is This Bearish?

On-chain data shows the Bitcoin transaction count has plunged to the lowest level since October 2023. Here’s what this could mean for BTC’s price.

Bitcoin Transactions Have Seen A Significant Slowdown Recently

As pointed out by CryptoQuant author IT Tech in a new post on X, the BTC transfer activity has dropped to relatively low levels recently. The on-chain indicator of relevance here is the “Number of Transactions” from the market intelligence platform IntoTheBlock, which measures, as its name suggests, the daily number of moves that addresses across the network are making.

As displayed in the above graph, the Number of Transactions has seen a large drop for Bitcoin recently, suggesting that investors are making much fewer moves on the blockchain now.

Generally, a drop in network transaction activity is a sign that the traders are losing interest in the cryptocurrency. Any notable move in the price is only sustainable when a large number of investors are providing the fuel to support it, so it can be hard for BTC to mount up a rally when the Number of Transactions declines to a low level.

From the chart, it’s visible that the investors were making a high number of moves in the lead-up to the Bitcoin price rally beyond $100,000. But interestingly, the indicator plunged before the price peak arrived, implying that signs of the rally not having too much time left may have already been there from an on-chain perspective.

Recently, the Number of Transactions briefly saw a crash to a level that it hasn’t touched since October 2023. Back then, the low transfer count didn’t last for too long and was in fact followed up by a burst of activity that accompanied a price rally.

It’s possible that something similar could happen this time as well, but one key difference between then and now is that the recent downturn in the indicator has been more prolonged. Naturally, if things are indeed going to be different this time, then a lasting lack of interest from the investors could be a bad sign for the bulls.

That said, an indicator that may provide for an argument against a shift away from a bull market is the Cycle Extreme shared by Axel Adler Jr, another CryptoQuant author.

“Cycle Extreme identifies the extreme points of price cycles,” explains the analyst. The indicator makes use of various popular Bitcoin on-chain indicators like the MVRV Ratio and SOPR to determine this.

As is apparent from the graph, the indicator has often been reliable for pointing out inflection points in Bitcoin. “At the moment, this metric does not give any clear signals,” notes Adler Jr.

BTC Price

At the time of writing, Bitcoin is trading around $83,600, up almost 1% in the last week.

Bitcoin Transfer Count Lowest Since 2023—Is This Bearish?

Featured image from Dall-E, CryptoQuant.com, IntoTheBlock.com, chart from TradingView.com

Source

Leave A Reply

Your email address will not be published.

Verified by MonsterInsights