Benzinga - Bitcoin (CRYPTO: BTC) has seen its on-chain activity decrease notably, with recent data showing that the drop is of major significance.
What Happened: The seven-day moving average of Bitcoin's on-chain transaction volume just reached a two-year low of $1,234,209,106, according to data from blockchain analytics provider Glassnode. The previous two-year low was reported on Dec. 12, 2020 at $1,235,029,122.
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This development follows a significant market downturn caused by the collapse of major crypto exchange FTX. The bankruptcy has rippled through the crypto ecosystem, toppling over multiple other companies. The drop in the value of Bitcoin is likely at least partly responsible for the lower value of the network's transaction volume.
The recent downturn was a major one, with new data indicating that the seven-day average of the number of Ethereum (CRYPTO: ETH) addresses in a loss just reached an all-time high of 46,305,768. Meanwhile, most (51.87%) Bitcoin addresses are now in loss for the first time since March 2020.
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