A Bitcoin (BTC) holds -metrically points to price growth in the coming months, even when the activity on blockchain falls to its lowest in a year, noted a cryptoquant analysis this week.
The company’s Bitcoin Network Activity Index has dropped 15% since November 2024’s record high and is at 3,760 from Friday morning, its lowest level since February 2024. to indicate growth or a decrease in Bitcoin use.
A decrease in activity was characterized by a sharp decrease in the number of transactions. The total daily number of transactions is 346,000 from Friday, dropped 53% from a high of 734,000.
Low networking activity is also evident in Bitcoin Mempool or a collection of all unconfirmed Bitcoin transactions waiting to be included in a block of miners. The Mempool quantities fell from a high of 287,000 in December to only 3,000 from Thursday, a slide of almost 99% to levels not seen since March 2022.
Cryptoquant said that lower use of run protocol, a relatively new way of issuing fungal tokens directly on Bitcoin, may be behind the jump.
“The fall in Bitcoin’s network activity can mostly be explained by the collapse of the use of the Runes protocol for coin marks on the Bitcoin network,” it said. “This is evident in the total daily number of up -return codes in Bitcoin transactions that the Runes Protocol uses to write data about token coins and transfers on the network.
“When the Runes Protocol emerged in April 2024, the daily number of up -return codes were added to 802K. However, the number of OP -Reture Code has fallen since, with only 10K up -return codes, ”the company added.
However, the decline in activity may not directly affect Bitcoin prices, which are seen as likely to grow because the demand from long-term accumulator addresses has increased in recent weeks.
Such an increase is historically linked to a demonstration in the BTC prize and signalizes the overall perception of the asset as an investment asset or value of value. Permanent holders are addresses that accumulate BTC over time and never participate in using transactions, indicating a long -term team strategy that creates a lack of sale of sales.
