Reason behind Bitcoin’s slumping network activity

October 15, 2023

By Abiodun Oladokun

Read Bitcoin’s [BTC] Price Prediction 2023-24

• Bitcoin network activity has trended downward since mid-September.

• Despite recent headwinds, mining activity on the Bitcoin network continues to grow.

With its price oscillating within a narrow range, Bitcoin’s [BTC] network activity has witnessed a consistent decline since mid-September, on-chain data sourced from CryptoQuant revealed. 

The coin’s transactions count metric, which measures the unique count of transactions executed on the Bitcoin network, assessed on a seven-day small moving average, has fallen to its lowest level since January.

According to data from CryptoQuant, as of 13 October, this was 266,000, having registered a 55% decline since 20 September.

Source: CryptoQuant

In a new report, pseudonymous CryptoQuant analyst MAC_D stated the reason for BTC experiencing a decline in daily transactions count. According to the aalyst, it was because “there were fewer new investments coming into the crypto market, resulting in less liquidity and therefore less price volatility.”

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