{"id":342283,"date":"2023-09-10T02:00:32","date_gmt":"2023-09-09T20:30:32","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=342283"},"modified":"2023-09-10T12:09:10","modified_gmt":"2023-09-10T06:39:10","slug":"bitcoin-network-goes-silent-in-2023","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/bitcoin-network-goes-silent-in-2023\/","title":{"rendered":"Bitcoin network goes silent in 2023"},"content":{"rendered":"<ul>\n<li><em>Bitcoin&#8217;s transfer volume was just 25% higher than the cycle low.<\/em><\/li>\n<li><em>The monthly average of new addresses was significantly lower than the yearly average.<\/em><\/li>\n<\/ul>\n<p>Once a beehive of intense activity, the Bitcoin [BTC] blockchain has become noticeably quieter in 2023.<\/p>\n<hr \/>\n<p style=\"text-align: center;\">Is your portfolio green? Check out the <a href=\"http:\/\/ambcrypto.com\/calculator\/bitcoin-profit-calculator\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">BTC Profit Calculator<\/a><\/p>\n<hr \/>\n<p>As per a recent post by <a href=\"https:\/\/twitter.com\/glassnode\/status\/1700123318634823722?s=20\" target=\"_blank\" rel=\"noopener\">Glassnode<\/a> dated 8 August, the total transfer volume i.e., the total number of coins transferred on-chain was $2.63 billion\/day, nearly 80% down from the peak attained during the 2021 bull market.<\/p>\n<figure id=\"attachment_342288\" aria-describedby=\"caption-attachment-342288\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Transfer-volume-scaled.jpg\"><img decoding=\"async\" class=\"size-full wp-image-342288\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Transfer-volume-scaled.jpg\" alt=\"\" width=\"2560\" height=\"1474\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Transfer-volume-scaled.jpg 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Transfer-volume-300x173.jpg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Transfer-volume-1024x590.jpg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Transfer-volume-768x442.jpg 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Transfer-volume-1536x885.jpg 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Transfer-volume-2048x1180.jpg 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-342288\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<p>In fact, the aforementioned value was just $600 million, or 25% higher than the cycle low of $1.97 billion, recorded during the historically low volatility period in early 2023.<\/p>\n<h4>Network adoption declines<\/h4>\n<p>Skepticism about the security of centralized exchanges, along with optimism in the king coin&#8217;s long-term potential, revived demand for self-custody. Consequently, HODLing rather than trading has been the norm lately.<\/p>\n<p>The hallmark of a healthy network adoption is an uptick in the daily active users. A Glassnode chart, aimed at identifying broader trends in this regard, revealed some disappointing developments.<\/p>\n<p>As can be seen, the monthly average of new addresses entering the Bitcoin blockchain was significantly lower than the yearly average. This indicated contraction of on-chain activity and less network usage.<\/p>\n<figure id=\"attachment_342303\" aria-describedby=\"caption-attachment-342303\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/glassnode-studio_bitcoin-new-address-momentum.png\"><img decoding=\"async\" class=\"size-full wp-image-342303\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/glassnode-studio_bitcoin-new-address-momentum.png\" alt=\"\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/glassnode-studio_bitcoin-new-address-momentum.png 1800w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/glassnode-studio_bitcoin-new-address-momentum-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/glassnode-studio_bitcoin-new-address-momentum-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/glassnode-studio_bitcoin-new-address-momentum-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/glassnode-studio_bitcoin-new-address-momentum-1536x864.png 1536w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><\/a><figcaption id=\"caption-attachment-342303\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<h4>Transaction count rises<\/h4>\n<p>Another important indicator to assess network demand was transaction throughput. Interestingly, transaction count on the Bitcoin chain has trended upwards in 2023, with May witnessing record-breaking traffic.<\/p>\n<p>Although down from May peaks, the daily numbers were still promising. More than 483,000 transactions were processed on the network on 8 September.<\/p>\n<figure id=\"attachment_342314\" aria-describedby=\"caption-attachment-342314\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/glassnode-studio_bitcoin-number-of-transactions-14d-exponential-moving-average.png\"><img decoding=\"async\" class=\"size-full wp-image-342314\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/glassnode-studio_bitcoin-number-of-transactions-14d-exponential-moving-average.png\" alt=\"\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/glassnode-studio_bitcoin-number-of-transactions-14d-exponential-moving-average.png 1800w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/glassnode-studio_bitcoin-number-of-transactions-14d-exponential-moving-average-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/glassnode-studio_bitcoin-number-of-transactions-14d-exponential-moving-average-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/glassnode-studio_bitcoin-number-of-transactions-14d-exponential-moving-average-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/glassnode-studio_bitcoin-number-of-transactions-14d-exponential-moving-average-1536x864.png 1536w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><\/a><figcaption id=\"caption-attachment-342314\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<h4>Whales swim away from the network<\/h4>\n<p>However, transactions independently didn&#8217;t reveal the complete picture. While the transaction count was indeed up, the transfer volumes were low, as highlighted earlier. This suggested that the surge was driven by low-value transactions made by investors holding smaller quantities of BTC.<\/p>\n<p>According to CryptoQuant, of the total inflows to the exchanges, the share of whales was just 39% on 8 September. In fact, the Exchange Whale Ratio indicator has climbed down considerably from previous years.<\/p>\n<hr \/>\n<p style=\"text-align: center;\">Read <a href=\"http:\/\/ambcrypto.com\/predictions\/bitcoin-price-prediction\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">Bitcoin&#8217;s [BTC] Price Prediction<\/a>\u00a02023-24<\/p>\n<hr \/>\n<p>The lower interaction of whales with exchanges implied fewer high-value deals and, as a result, lower transfer volumes.<\/p>\n<figure id=\"attachment_342322\" aria-describedby=\"caption-attachment-342322\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Bitcoin-Exchange-Whale-Ratio-All-Exchanges-1.png\"><img decoding=\"async\" class=\"size-full wp-image-342322\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Bitcoin-Exchange-Whale-Ratio-All-Exchanges-1.png\" alt=\"\" width=\"2560\" height=\"1612\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Bitcoin-Exchange-Whale-Ratio-All-Exchanges-1.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Bitcoin-Exchange-Whale-Ratio-All-Exchanges-1-300x189.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Bitcoin-Exchange-Whale-Ratio-All-Exchanges-1-1024x645.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Bitcoin-Exchange-Whale-Ratio-All-Exchanges-1-768x484.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Bitcoin-Exchange-Whale-Ratio-All-Exchanges-1-1536x967.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Bitcoin-Exchange-Whale-Ratio-All-Exchanges-1-2048x1290.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-342322\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n<p>At the time of writing, Bitcoin shed 1.23% of its value in the 24-hour period to settle at 25,870, per <a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" target=\"_blank\" rel=\"noopener\">CoinMarketCap<\/a>. The market mood was neutral as per the last update of Bitcoin Fear and Greed Index.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Bitcoin Fear and Greed Index is 41 &#8211; Neutral<br \/>Current price: $25,905 <a href=\"https:\/\/t.co\/q0lKYwzIfg\">pic.twitter.com\/q0lKYwzIfg<\/a><\/p>\n<p>&mdash; Bitcoin Fear and Greed Index (@BitcoinFear) <a href=\"https:\/\/twitter.com\/BitcoinFear\/status\/1700298038118334627?ref_src=twsrc%5Etfw\">September 9, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The total number of Bitcoins transferred on-chain was $2.63 billion\/day in 2023, down nearly 80% from the peak attained during the 2021 bull market.<\/p>\n","protected":false},"author":80,"featured_media":342319,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,360,66,3,4,20],"tags":[],"class_list":["post-342283","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-btc-trading-view","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - 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