Bitcoin on-chain summary: Falling on-chain activity

After briefly hitting elevated levels following the Luna collapse, on-chain activity has now fallen back to more "normal" levels.

The Luna collapse led to a surge in on-chain activity as traders scrambled to get out of the market. In addition, some crypto exchanges restructured their wallets, leading to a massive increase in the daily on-chain transaction volume.

Last week's wallet restructurings led to an enormous average transaction size, which has now collapsed by 44%. This has almost halved the daily transaction volume.

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