IntoTheBlock: User activity on the Bitcoin network has dropped to a record low

“The lack of retail trading reduces the activity of Bitcoin wallets, since memcoins attract speculators more than other cryptocurrencies,” the authors of IntoTheBlock conclude.

The reduction in the active address ratio indicates that the purchase and sale of bitcoins is at a minimum value, and the crypto market remains in the stage of consolidation. Experts at IntoTheBlock believe that the unfavorable economic situation has played a role, and retail investors are not transacting as much as they were just a few months ago.

According to IntoTheBlock analyst Juan Pellicer, the drop in activity is due to the fact that investors are preparing for the imminent movement of assets by large Bitcoin holders. Earlier, the CEO of one of the largest American mining companies, Marathon Digital Holdings (MARA), Fred Thiel, said that it is necessary to diversify the risks associated with Bitcoin volatility.