On-chain data and analytics platform Glassnode highlighted the decline in activity on the Bitcoin (BTC) network in its regular weekly report.
by glassnode 1 August In the report published on 75 basis points interest reported positive response to the increase. Bitcoin in the last 7-day period close to 9% Ethereum (ETH), while gaining in value a 12% rise lived.
Glassnode says the bear market could last even longer, on-chain metrics are in bear market territory, and the daily total 13.4 BTC He said the transaction fee was paid. The report also stated that Bitcoin transaction fees are always at high levels during bullish periods, and this is generally considered as a recovery signal.
In the prepared report, despite the bear market conditions, the Bitcoin Lightning Network (LN) continues to grow and tof the total LN capacity 19% with an increase 4.405 It was stated that it reached Bitcoin.
Although Ethereum has outperformed Bitcoin in the last 2 weeks period very low network density. Stating that there is no shortage of transactions, Glassnode only stated that transaction requests have been on the decline since May. very sudden rise stated that he had seen
Last week, Santiment reported a sudden increase in the number of daily active addresses on Ethereum. reached 1.06 million and 48% above its 2018 high. he had said. It is speculated that this may be what he calls the “sudden rise” on his Glassnode.
The platform, which wrote in its report that Bitcoin investors, who have been profitable in the market since approximately May, are in a low position compared to the investors who are in loss, said that a recovery can be seen when the “SOPR” data is above 1. In addition, the company explained that Ethereum is above this level, but other metrics are showing a weak position due to the “negative” outlook.
