- The amount of activity on the Bitcoin network has dropped to its lowest point since 2019.
- Runes Protocol activity is also declining at the same time as this decline.
- Notably, on May 12, two Bitcoin addresses from the Satoshi era sprang to life.
- With a strong start to the year, Bitcoin (BTC) crossed the $70,000 threshold and saw a lot of activity on its blockchain network.
A cooling tendency in these indicators is indicated by recent developments, nevertheless. The price of the most valuable digital asset has seen difficulties over the last two months, and on-chain activity has decreased.
According to data from blockchain analytics company Santiment, on-chain activity for Bitcoin has decreased to its lowest level since 2019. This drop indicates waning trader interest, which is in sharp contrast to the previous zeal.
The company hypothesized that the decline might be a reflection of the general anxiety and uncertainty felt by market players. This opinion is consistent with past trends, since declines in transactions typically occur during times of market turbulence.
Notably, the price of Bitcoin has dropped by almost 11% in the last month, reaching $61,205 at the time of writing.
Meanwhile, several market watchers noted that after an early spike, Runes Protocol transactions had slowed down, coinciding with the declining on-chain activity. The blockchain network experienced record transaction volumes and fees at the protocol’s introduction on the day of the Bitcoin halving. Recent data indicates a discernible fall in user engagement and transaction numbers despite this encouraging start.
Moreover, it appears that the excitement surrounding spot Bitcoin exchange-traded funds (ETFs) is waning. Data from CoinShares indicates that trading activity for spot Bitcoin ETFs has significantly decreased. There have been days when no money has come in and out of various funds throughout the last month.
Two long-dormant Bitcoin addresses from Satoshi Nakamoto’s early days have just come back to life in the midst of the ecosystem’s slowness.
Lookonchain, a blockchain analysis tool, reports that these wallets, which had been dormant for almost 11 years, transferred all of their 1,000 Bitcoin holdings, which are presently worth an astounding $60.9 million. Identified as “16vRqA” and “1DUJuH,” the wallets had first been funded in September 2013 with 500 BTC apiece, at a time when Bitcoin was only worth a small $124.
These addresses have seen an incredible increase in value in the modern era, with an astounding profit margin of around 50,000%.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
