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IntoTheBlock Reveals Fact About Current Bitcoin Situation Analysts Are Puzzled By
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

IntoTheBlock Reveals Fact About Current Bitcoin Situation Analysts Are Puzzled By

Keshav Verma
Keshav Verma
1 year ago
2 mins read
Bitcoin

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The market intelligence platform IntoTheBlock has discussed the bearish situation Bitcoin has been facing that has got many puzzled.

Bitcoin Adoption Has Slowed Down To Multi-Year Lows Recently

Bitcoin had a great first quarter in 2024, fueled by demand from the spot exchange-traded funds (ETFs) and institutional entities. During this run, the asset surpassed the all-time high (ATH) set back in the previous bull run, breaking a pattern in other cycles where ATHs were only reached after the Halving.

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With the huge demand, things looked to be just getting started for the asset, but in the months since the ATH, the cryptocurrency has only been consolidating sideways.

In a new post on X, IntoTheBlock talks about the current situation with Bitcoin, which many have been wondering about. The analytics firm has pointed out that the transfer activity on the BTC network has been high recently, as the Number of Transactions metric has set a new record.

Bitcoin Number of Transactions
The value of the metric seems to have been quite high in recent months | Source: IntoTheBlock on X

The most recent spike in the Number of Transactions on the Bitcoin blockchain has resulted from the emergence of the new Runes protocol, which allows users to mint fungible tokens on the network efficiently.

“Institutional whales are present, and activity on the Bitcoin network is high,” says the analytics firm. “So, where’s the confusion?” The answer to that question lies in the trend of the New Addresses indicator.

As its name suggests, this metric keeps track of the total number of new addresses that are popping up on the network daily. This indicator tells us about the rate of adoption the cryptocurrency is observing.

Below is a chart showing how this Bitcoin metric’s value has changed over the past decade.

Bitcoin New Addresses
Looks like the metric has been going down over the last few months | Source: IntoTheBlock on X

The graph shows that the Bitcoin New Addresses has declined while the price has risen to its new high. As IntoTheBlock notes:

The data reveals that this surge in usage and whale activity does not involve a significant influx of new participants. In fact, the number of new Bitcoin users has plummeted to a multi-year low, even falling below the levels seen during the 2018 bear market.

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Hard To Be “Too Scared Of Bitcoin Price Action,” Says Analyst. Here’s Why

1 year ago

Historically, bull markets have accompanied sharp asset adoption as new investors get attracted by all the hype. In return, this influx of holders has helped fuel the rally.

It would appear that despite the asset reaching a new ATH, the network has failed to attract new users. This is what has got many puzzled. The slowdown could, at least in part, be why Bitcoin has failed to continue its bullish momentum. It now remains to be seen whether this will change for the coin soon or not.

BTC Price

At the time of writing, Bitcoin is trading at around $65,000, down 7% in the past week.

Bitcoin Price Chart
The price of the asset has observed some bearish momentum recently | Source: BTCUSD on TradingView
Featured image from Dall-E, IntoTheBlock.com, chart from TradingView.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Read more

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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