Bitcoin’s Cooling Network May Be Confirming The Market’s Present State – Here’s What To Know
Since Bitcoin's sharp pullback from its all-time high of $126,000, on-chain indicators suggest it has entered a bear market phase. Key metrics show a cooling network: highly active addresses dropped from 43,300 to 41,500, total transactions fell from 460,000 to 438,000, and network fees declined, indicating reduced speculative activity and large players exiting. This pattern resembles the 2018 bear market, with lower activity often preceding increased volatility. However, Bitcoin's current user base is larger (over 800,000 vs. 600,000 in 2018), suggesting greater structural resilience despite the defensive market conditions.
bitcoinist12/23 22:05