Bitcoin's on-chain traffic slows down as...
highlighted that the total transfer volume i.e. the total number of coins transferred on-chain, was hovering around $2.85 billion/day, on par with levels seen during late 2020.
What’s striking is that, unlike the post-FTX period, when volumes increased, the new crisis has moved investors away from exchanges significantly. The skepticism around the future of centralized exchanges has reignited the demand for self-custody with hodling rather than trading being the norm, at least for now.The recent slowdown in Bitcoin on-chain activity contrasts sharply with the network jamming phase in May, which resulted in a massive backlog of unconfirmed transactions.
At the time of writing, the transaction count was 380,180. This represented a decline of 35% from the previous month, data from Glassnode showed.However, transactions independently don’t reveal the true picture. While transaction count was indeed up during May, the transfer volume was comparatively lower. This suggested that the surge was driven by low-value transactions done by investors holding smaller quantities of BTC.
Large addresses who hold a big chunk of BTC supply have been sitting quietly, unfazed by market dynamics. According to CryptoQuant, of the total inflows to the exchanges, the share of whales was just 32%.Source: CryptoQuantAt the time of writing, BTC was trading in the red with a 24-hour fall of 3.58%. The drop pulled it below $25,000 for the first time since mid-March, per
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