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Bitcoin on-chain fundamentals (Patreon)

Published:
2025-02-24 00:37:55
Imported:
2026-06
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Content

Not sure what is going on with Bitcoin, but onchain fundamentals are dropping like a rock. If this was Solana I would be very concerned.

  • Daily transfer volume fell 83% last 30 days

  • Number of active wallets fell 79% last 30 days

The sharp decline in Daily Transfer Volume and Number of Active Wallets suggest reduced activity on the Bitcoin network.

I have 3 potential explanations for this:

1) Consolidation period - sit and wait - less selling - or people are not using the chain

2) More Hodling - a bullish sign

3) Impact of BTC moves to ETFs and MSTR

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Comments

Fuddlynn

My perspective: more people are using the chain. They are using it to store their wealth and leaving it at rest is the best in something as secure and useful as Bitcoin is its best use.

Crypto Explorer

Is it irrational to think that it is partially because most of the ETFs, and part of Strategy’s bag are held by Coinbase? If Ark’s etf sells $100 million in a day, and IBIT buys $100 million that day, doesn’t nothing have to happen on chain? I recall reading that the SEC failed us an allowed the ETFs to not require distinguished holdings for each etf. I recall it sounding like coinbase can hold it as a slush fund of multiple customers. Am I incorrect?