Bitcoin’s on-chain activity falls back to its depressing normal

Bitcoin’s on-chain activity has been depressed this entire year. We saw a slight rebound in the on-chain activity one week ago, but it’s now back to its depressing normal.

We can look at two primary metrics to get a high level overview of on-chain activity: the number of active addresses and the daily transaction fees. Active addresses indicate how many individual users transact on the network, while transaction fees per day are a proxy for the demand for using the network.

Both these metrics are down significantly over the past seven days. We mainly see a massive 19% decline in the transaction fees per day, and they are currently sitting at only $254k – a very low level historically.

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