Despite the price increase, Bitcoin transactions are still low: data

Although Bitcoin (Bitcoin) Prices have risen by 45% in the past 30 days. According to new data, cryptocurrency investors have not moved their holdings.

Blockchain analysis provider Glassnode Released A new “The Week On Chain” report was released on Monday, stating that despite the divergence of on-chain activities in the week ending Monday, Bitcoin continued to rebound to new multi-month highs.

The report found that Bitcoin chain activities, such as the adjusted transaction volume of entities, have not yet responded to continued bullish actions and remain at historical lows of 175,000 to 200,000 transactions per day.Activities on the Bitcoin chain The crypto market crash in May 2021 And since then it has not exceeded this level.

The number of Bitcoin transactions has only been so low a few times in the past five years, including the 2016-2017 bull market, where Bitcoin reaches $20,000 for the first timeDuring the bear market from 2018 to 2019, the price of Bitcoin also plummeted by 85% from its historical high at the time.

Source: Glassnode

Related: Bitcoin price reaches $50,000 for the first time since May

According to Glassnode, despite the significant difference between rising prices and downturn in on-chain activity, the overall supply dynamics are still quite bullish. This week, the supply of bitcoins held by long-term holders reached a record high of 12.69 million bitcoins, surpassing the record set in October 2020.

In early August, Glassnode reported that Bitcoin had a 50% downside correction in May May not be as worrying as 2018 Because of the strong “holding behavior.”