Leading Bitcoin network indicators remained weak in the last few days amid a drop in interest from retail and institutional BTC investors. However, some large crypto addresses are still executing multi-million dollars Bitcoin transactions.
On-chain analytics platform, Whale Alert recently highlighted the transfer of 5,100 BTC from digital exchange Coinbase to an unknown crypto wallet. The $200 million transfer was executed on Monday 11 April at 19:03 UTC.
The latest transaction was observed nearly 1 week after a prominent BTC address moved 2,175 coins worth nearly $100 million from Binance. In a separate transfer earlier this week, someone moved 1,000 BTC worth over $40 million from an unknown wallet to Gemini.
While the overall trend in the past 12 months shows a substantial drop in BTCs exchange supply, the latest movements present a mixed picture as Bitcoin exchange inflows and outflows almost remained at par during the last few days.
Bitcoin NetworkSome of the most important BTC network indicators, including the overall transaction counts and the total number of profitable BTC entities, dropped in tandem with the price of the world‘s most valuable digital asset. However, Glassnode’s latest report shows that the number of active BTC entities has increased recently despite price challenges.
“Across this suite of metrics, it is hard to find many observations that suggest the network user-base is recovering or growing strongly. The number of active entities (analogous to daily active users) remains within the bear market channel that has been established over the last six years. That said, the current active entity count of 296k/day is at the upper end of this channel, and a sustained expansion higher would be constructive,” Glassnode noted.
“Transaction counts are also relatively lackluster, currently at around 225k transactions per day, which is similar in magnitude to during the 2019 bear market,”