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Bitcoin Network Activity Plummets Amid Runes Protocol Decline
Generated by AI AgentCoin World
Friday, Feb 7, 2025 7:08 am ET1min read
Bitcoin Network Activity Index Plummets to One-Year Low Amid Runes Protocol Decline, Despite Surge in Long-term HODL Addresses
The Bitcoin Network Activity Index has witnessed a significant decline, dropping to 3760, a 15% decrease from its peak in November 2024. This marks a one-year low for Bitcoin's network metrics, which include active addresses, transaction activities, block sizes, and transaction fees. Daily transaction volume has also decreased sharply, falling from 734,000 to 346,000 transactions, indicating a 53% decrease.
The number of unconfirmed transactions in Bitcoin's mempool has also plummeted, from 287,000 in December 2024 to just 3,000 – a 99% decrease, the lowest since March 2022. This downturn is primarily attributed to a rapid decline in the utilization of the Runes Protocol, with daily engagement dropping from 802,000 in April 2024 to merely 10,000 today.
However, analysts at CryptoQuant suggest that this dwindling network activity may not directly correlate with price fluctuations in Bitcoin. Notably, the rise in long-term HODL addresses indicates a growing market sentiment recognizing Bitcoin's role as a key investment asset and store of value.
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