A metric of the head of Bitcoin (BTC) points to the growth of prices in the coming months, even when the activity in the block chain falls to the lowest in a year, a cryptocant analysis said this week.
The activity of the Bitcoin network of the firm has decreased by 15% since November 2024, the record and is 360 from Friday morning, its lowest level since February 2024. The index is a accumulated measure of active addresses, number of transactions, block size and rates among other bitcoin metrics to indicate growth or a fall in the use of bitcoin.
A drop in activity was marked by a strong decrease in the number of transactions. The total daily number of transactions is 346,000 to Friday, 53% less than a maximum of 734,000.
The low network activity is also evident in Bitcoin Mempool, or in a collection of all unconfirmed Bitcoin transactions that expect to be included in a block by the miners. Mempool volumes collapsed from a maximum of 287,000 in December to only 3,000 until Thursday, a slide from almost 99% to levels not seen since March 2022.
Cryptoquant said that the lowest use of the Rujas protocol, a relatively new way to issue fungible tokens directly in Bitcoin, may be behind the fall.
“The decrease in Bitcoin network activity can be explained mainly due to the collapse in the use of the runes protocol to the mint files in the Bitcoin network,” he said. “This is evident in the total daily number of OP Return codes in Bitcoin transactions, which the Runes protocol uses to write data on Token Mints and Transfers on the network.
“When the runes protocol emerged in April 2024, the daily return codes number increased to 802k. However, the OP Return Code number has collapsed since then, with only 10K OP Return codes used, ”added the company.
However, the drop in activity may not directly affect Bitcoin prices, which has as considered that it grows because the demand for long -term accumulator addresses has increased in recent weeks.
Such a peak is historically associated with a demonstration in the price of BTC and indicates the general perception of the asset as an investment asset or a value reserve. Permanent holders are addresses that accumulate BTC over time and never participate in spending transactions, indicating a long -term tenure strategy that creates a lack of pressure on the sale.
