@BOMBERuss 28 September 2021 more from that month

The number of transactions in the bitcoin network has been declining since May and is now in a "bear channel", analysts at Glassnode say in a new report. An increase in the number of transactions is usually associated with bullish market conditions, as this indicates that new participants have joined the network. A decrease in the number of transactions, in turn, indicates a drop in the number of active participants and interest in general. Currently, about 175-200 thousand transactions are sent per day, which corresponds to the levels of the bear market in 2018. It should be noted that exchanges are increasingly using grouping of transactions, which can also affect their number. Nevertheless, the analysis of the number of active users draws a similar picture, confirming that the drop in the number of transactions is primarily a consequence of a decrease in activity. In other words, the main players in the bitcoin network at the current stage are long-term holders. Comparing the number of those who continue to hold new coins and those who spend all their coins, Glassnode concludes that with each subsequent cycle, the minimum number of new bitcoin holders increases. This indicates the continued spread of cryptocurrency and an increase in the base of holders in general. Now, for example, the indicator is at the upper limit of the bear market range of 2018-2020. The chart also shows that the number of new holders increases sharply as the bull market approaches the peak, and then decreases. #Cryptocurrency