Bitcoin on-chain activity is approaching all-time lows.
Bitcoin price has continued to move in a consolidation range since hitting a new all-time high in mid-March. This sluggish price action has become a source of concern for most investors, especially when the leading cryptocurrency recently lost support at $60,000.
Interestingly, the price is not the only Bitcoin indicator that has declined since the first quarter of the year. Analytics firm Santiment reported that activity on the Bitcoin network has also slowed over the past few months.
In a new post on Platform X, Santiment said that activity on the Bitcoin network is approaching an all-time low. This finding is based on a noticeable downward trend in various metrics, such as transaction volume, daily active addresses, and the number of whales.
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