NewsBTC
Feb 7, 2025
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Bitcoin Network Activity Hits One-Year Low with 15% Decline

Bitcoin (BTC) network activity has reached a 12-month low, according to CryptoQuant Research. The Bitcoin Network Activity Index is currently at 3,760, down 15% from its peak in November 2024.

Key Points

  • Daily transactions have decreased by 53%, falling from 734,000 in September 2024 to 346,000.
  • The decline is linked to reduced use of the Runes Protocol for minting tokens, with OP RETURN codes dropping from 802,000 to 10,000.
  • Pending transactions in the Bitcoin mempool have plummeted by 99%, from 287,000 in December 2024 to 3,000.
  • Current fair value for BTC is estimated between $48,000 and $95,000, suggesting it may be overvalued at around $98,000.
  • Despite short-term concerns, long-term forecasts remain positive, with predictions of BTC potentially reaching $200,000 by the end of 2025.

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