Amidst Bitcoin's recent price surge, a puzzling trend has emerged. While such increases typically accompany a rise in network activity, the opposite is true this time. The 30-day SMA of new addresses has plummeted, as has the transaction count. But what does this divergence signify? Is Bitcoin's value truly reflective of on-chain usage? Our analysis uncovers a startling possibility - the potential dominance of speculative trading... But is this the whole truth? Could there be unseen forces at play, shaping Bitcoin's destiny beyond the realm of network activity alone?
Bitcoin's price surge not reflected by on-chain activity
10/27/2023 23:30
In light of reduced on-chain activity, Bitcoin's recent surge in price may be attributable to speculative trading on exchanges.
Bitcoin’s price surge not reflected by on-chain activity 22 seconds ago · 2 min read
In light of reduced on-chain activity, Bitcoin's recent surge in price may be attributable to speculative trading on exchanges.
2 min read
Updated: October 27, 2023 at 5:18 pm
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.