🚨 BITCOIN ACTIVITY DROPS TO LOWEST LEVEL SINCE 2010 🚨
📉 Bitcoin wallet activities have dropped, reaching their lowest levels since November 2010, according to onchain data from IntoTheBlock. The lack of retail participation and the rise of celebrity memecoins are diverting speculators away from established cryptocurrencies like Bitcoin.
Juan Pellicer, a senior researcher at IntoTheBlock, attributes this decline to weaker retail participation compared to past cycles. “This year’s run to a new all-time high was driven by institutional capital instead of retail investors,” Pellicer told Cointelegraph.
He suggests that the broader economic situation may have led to fewer retail investments in crypto this year.
🐋 Whale Movements and Market Trends
⚖ The decrease in activity comes as investors prepare for increased whale movements, including the Mt. Gox trustee’s planned distributions to creditors in July. Larger holders, including some linked to governments, have also been observed selling off Bitcoin.
🔮 The Impact of Runes and Miners
🔗 Despite the introduction of Runes, a fungible token protocol aimed at providing an alternative revenue stream for miners, the activity has cooled off. While Runes initially boosted trading fees for miners on the halving day, transaction fees have since returned to pre-halving levels.
Pellicer emphasizes that the lull in activity is likely temporary due to the cyclical nature of such assets.
💡 The Rise of Memecoins and Celebrity Tokens
🌟 Recent attention in the crypto space has shifted towards memecoins and celebrity tokens, which are attracting speculators seeking larger gains. Although Bitcoin is known for its volatility, its current state is relatively stable compared to the wild swings seen in lower cap memecoins.
What do you think about this situation?
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