On June 3, the number of transactions on the bitcoin network dropped to 217,000. This is the minimum level since August 2018.
According to Coin Metrics, the number of transactions on the bitcoin network is steadily falling since mid-May 2021. By June 3, the number of transactions dropped to 217,000, and on June 1, it touched a multi-month low of 214,000. The last time such a decrease in the bitcoin network was observed at the end of August 2018.
This indicator peaked in December 2017, when bitcoin rose in price to $20,000. On December 20, 2017, the number of transactions in the bitcoin network exceeded 407,050. The minimum value was recorded in April 2018. On April 12, 2018, the number of transactions fell to 169,900.
Along with the number of transactions, the average transaction fee also dropped. Currently, the average commission is just over $7. This is the minimum value since January 2021.
According to Glassnode, there are two opposite directions in the market. Long-term holders of bitcoin build up their holdings of cryptocurrency, while short-term holders, on the contrary, get rid of coins. The share of investors who have not moved their bitcoins for at least two years now stands at 44.5%.