Despite Bitcoin’s (BTC) price growing 45% over the past 30 days, cryptocurrency investors are not moving their holdings, according to new data.
Blockchain analytics provider Glassnode released its new “The Week On Chain” report on Monday, noting that Bitcoin has continued rallying to new multi-month highs despite divergence in on-chain activity during the week ending on Monday.
According to the data, it was discovered that Bitcoin on-chain activity, such as the amount of entity-adjusted transactions, has still not responded to the ongoing bullish action, remaining at historically low levels of between 175,000 and 200,000 daily transactions. Bitcoin on-chain activity dropped this low after May 2021’s crypto market crash and hasn’t risen above this level since.
The number of Bitcoin transactions was this low only a few times in the past five years, including the 2016–2017 bull run, in which Bitcoin hit $20,000 for the first time. The same level was also recorded during the 2018–2019 bear market as Bitcoin’s price plummeted 85% from its then all-time high.
While Bitcoin initially led the crypto market recovery earlier this month, many altcoins have since surged. At the time of writing, Cardano (ADA), Polkadot’s DOT and Solana (SOL) were all boasting double-digit gains for the week.