IntoTheBlock: User activity on the Bitcoin network has fallen to an all-time low

Analysts of the IntoTheBlock information and analytical platform reported that user activity on the Bitcoin network has fallen to a record low since 2010. This is due to the decline in retail trade of the first cryptocurrency on the market.

The total number of active wallets was only 614,770 addresses, which is the lowest figure since the end of 2018, IntoTheBlock experts believe.

"The lack of retail trade reduces the activity of bitcoin wallets, since memcoins attract speculators more than other cryptocurrencies," the authors of IntoTheBlock conclude..

The reduction in the coefficient of active addresses indicates that the purchase and sale of bitcoins is at a minimum value, and the crypto market remains in the consolidation stage. IntoTheBlock experts believe that the unfavorable economic situation has played a role, and retail investors are not making as many transactions as they did a few months ago.

According to IntoTheBlock analyst Juan Pellicer, the drop in activity is due to the fact that investors are preparing for the imminent transfer of assets by large bitcoin holders.

Earlier, Fred Thiel, CEO of one of the largest American mining companies Marathon Digital Holdings (MARA), said that it is necessary to diversify the risks associated with bitcoin volatility.