Bitcoin’s on-chain activity stays at a depressed level
Bitcoin’s low on-chain activity continues, as the “boring” bear market doesn’t exactly entice action.
Bitcoin’s on-chain activity has been very low during the last couple of weeks, as the bear market seems to have caused market participants to lose interest. We continue to see a low number of active addresses.The transaction fees in particular are extremely low. During the previous seven days, we saw average daily transaction fees of only $279k, the lowest since April 2020.The low transaction fees are caused by low demand for on-chain transactions. Only $4 billion of value was transferred on-chain per day over the past seven days on average, which is relatively low historically. This number has usually been sitting above $6B in the past year.We see a slight increase in the block production rate, which was 6.17 blocks per hour over the past seven days. We will likely see a 1% increase in the difficulty on Thursday.