On-chain data shows the Bitcoin transaction count has plunged to the lowest level since October 2023. Here’s what this could mean for BTC’s price. Bitcoin Transactions Have Seen A Significant Slowdown Recently As pointed out by CryptoQuant author IT Tech in a new post on X, the BTC transfer activity has dropped to relatively low levels recently. The on-chain indicator of relevance here is the “Number of Transactions” from the market intelligence platform IntoTheBlock, which measures, as its name suggests, the daily number of moves that addresses across the network are making. Related Reading: Dogecoin Shark & Whale Population Rises—Price Turnaround Incoming? Now, here is the chart shared by the analyst, that shows the trend in its value over the last few years: As displayed in the above graph, the Number of Transactions has seen a large drop for Bitcoin recently, suggesting that investors are making much fewer moves on the blockchain now. Generally, a drop in network transaction activity is a sign that the traders are losing interest in the cryptocurrency. Any notable mo ..
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