Bitcoin network activity has decreased: BTC deposits, withdrawals, and transactions increased significantly in May, but dropped significantly on September 19. This suggests that liquidity and price volatility are decreasing due to fewer new investments coming into the crypto market.

The total number of transfers of BTC shows that there has been no significant shift between whales and institutional investors, and the chances of a rally in the near future are low.

However, this is not all bad: the hashrate and mining difficulty, which indicate the BTC network fundamentals, are trending upwards and remain healthy.

In conclusion, the lack of price action suggests that someone is quietly buying BTC outside the market and preparing for the next bull run. If we see a significant increase in BTC transfers, it is worth keeping a close eye on this metric, as price volatility could begin.