Stay alert, BTC volume continues to decline 🔥🔥🔥

Bitcoin prices have been volatile since mid-March, failing to break new all-time highs, especially with the recent loss of $60,000 support.

In addition, other cooling phenomena have occurred in Bitcoin indicators since the first quarter of this year. Data analysis company Santiment pointed out that on-chain activity on the Bitcoin network is also slowing down.

On-chain activity on the Bitcoin network is close to historical lows, as shown by a significant decline in transaction volume, daily active addresses, and the number of whale transactions. Investors' trading volume has continued to decrease since the all-time high, causing Bitcoin's on-chain activity to fall to its lowest level since 2019.

The blockchain intelligence platform revealed that whale activity on the Bitcoin network has also slowed down, with the number of whale transactions falling to its lowest point since the end of 2018.

Although the decline in on-chain activity seems worrying, it may not necessarily mean that Bitcoin prices are about to fall.

The reduction in on-chain activity is more likely to reflect "herd fear and indecision" among traders, highlighting the connection between on-chain activity and Bitcoin market sentiment.

The price of Bitcoin is slightly above $60,770, and the price has only fallen by 0.2% in the past day.

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