Glassnode: Profit-taking and Restrained Demand Push Bitcoin Back to Previous Range

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Bitcoin has not confirmed an upside consolidation breakout due to a wave of profit taking. According to Glassnode, the market has yet to wait for a significant influx of funds or new users.

On-chain metrics, which are the number of active addresses/users, number of transactions, mempool workload, and fees paid, do not confirm an increase in the involvement of Bitcoin investors or an expansion of their base.

Most tend to hodling. The daily number of transactions (14-day moving average) corresponds to the values ​​​​of the 2018 bear market.

The subdued recovery in network activity confirms the continuation of record low fee revenues. As before, the share of such receipts in the total indicator of miners is just over 1%. This is partly due to the continued transition to more efficient SegWit transactions.

Such an environment does not prevent the hashrate from being kept in the all-time high range of 190-215 EH/s. This corridor is 20% higher than the previous historical maximum, which was formed shortly before the repressions of the Chinese authorities.