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Key Metrics Paint a Bearish Picture
Bitcoin network activity has declined significantly, hitting an all-time low yearly, due to reduced transaction volume and active addresses. Transactions per day have declined by 53% from September 2024, averaging 346,000, with bearish pressure evident in the form of a "death cross" formation. CryptoQuant's Bitcoin Network Activity Index has declined 15% from a November 2024 high, signaling reduced overall network activity.
Behind the Decline: Factors Impacting Bitcoin's Network
The decline is partially due to decreased usage of Runes Protocol, with OP_RETURN codes declining from 802,000 to 10,000, coupled with a 99% fall in Bitcoin mempool traffic. This reduced activity on the network has raised concerns of price volatility in Bitcoin, with analysts signaling potential pullbacks to the region of around $86,000 due to depressed demand.
Bitcoin may drop into a protracted consolidation phase like that of early 2024, as sentiment turns and direction is lost. Global economic uncertainty and geopolitical tensions have driven reduced investor activity, and slowing stablecoin market growth has also damaged Bitcoin's liquidity and demand
