Bitcoin's Daily Transfers Plummet 76% Amidst Market Fear

Bitcoin's daily transfer volume has plummeted by 76%, according to recent data, signaling a significant slowdown in the cryptocurrency's transaction activity. This decline comes amidst a broader market sentiment that has been shifting towards fear, as indicated by a decrease in the token's average return and a lack of major price action in the near term.

Despite the recent slump, there are signs of progress for Bitcoin. The token's realized cap has increased by 23%, which is equivalent to an increase in 'new net money,' according to Sina G, a BTC proponent and co-founder of 21st Capital. This growth is seen as a metric of progress, despite the token's sluggish price movement.

However, the lack of price movement has also led to a decline in network activity. Axel Adler Jr., another crypto expert, pointed out that the daily transfer volume of the coin has dropped by 76% and a 74% decline in active wallets in the last seven days. This decrease in activity may be a cause for concern, but long-term holders remain resilient, anticipating a price breakout due to macroeconomic developments and the SEC's contributions.

Bitcoin's price movement has been volatile in recent months. After breaking the $92,000 resistance on November 19th, 2024, the token spent the next 65 days oscillating between $92,000 and $100,000. In January 2025, the token recorded its all-time high before falling into a bearish slump. Despite this, the token is up by 1.97% in this year, offering some hope for investors.