Bitcoin Active Addresses Hit Historic Low

In recent findings, on-chain data revealed that the amount of active Bitcoin addresses has hit a historic low not seen since November 2010.

Throughout June, the weekly active wallet ratio experienced a decline, hitting a low of 1.22% and peaking at 1.32%. Notably, the highest ratio for the month was last recorded in November 2010.

This decrease in active wallets may indicate shifting trends in Bitcoin ownership and usage.

This decline in active wallet numbers indicates a reduced level of buying and selling activity among Bitcoin holders, pointing towards a period of market consolidation.

Investor activity in the cryptocurrency market has shown a decline as the community eagerly awaits a surge in large-scale movements involving significant Bitcoin holders.

Specifically, there is heightened anticipation surrounding the upcoming distribution of payments to Mt. Gox creditors by the trustee, which is scheduled to commence in July.

This event is expected to have a notable impact on the market dynamics and is closely being monitored by industry participants and stakeholders.

Notably, there have been observations of substantial holders, potentially affiliated with governments, participating in selling endeavors.

On the day of the halving, Runes successfully provided an alternative revenue source for miners, resulting in the generation of record-high trading fees. However, the initial surge in transaction fees has now subsided, returning to pre-halving levels.

Furthermore, miner reserves, which indicate the amount of newly minted Bitcoin held by miners, have decreased to levels not seen in 14 years.

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