{"id":43962,"date":"2021-06-08T15:45:33","date_gmt":"2021-06-08T12:45:33","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=43962"},"modified":"2025-08-31T14:50:21","modified_gmt":"2025-08-31T11:50:21","slug":"glassnode-bitcoin-and-ethereum-on-chain-activity-falls-to-2018-levels","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/glassnode-bitcoin-and-ethereum-on-chain-activity-falls-to-2018-levels\/","title":{"rendered":"Glassnode: Bitcoin and Ethereum on-chain activity falls to 2018 levels"},"content":{"rendered":"<p>Metrics for active users, on-chain value transferred, and transaction fees in the Bitcoin network for the prior week fell to levels seen at the end of 2020 and the start of 2021. These observations were shared by Glassnode analysts.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">The demand for both <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> and <a href=\"https:\/\/twitter.com\/hashtag\/Ethereum?src=hash&#038;ref_src=twsrc%5Etfw\">#Ethereum<\/a> blockspace has fallen dramatically this week, with many usage metrics breaking down.<\/p>\n<p>We analyse:<br \/>\u2014 Active on-chain usage<br \/>\u2014 Falling blockspace demand<br \/>\u2014 Long-Term Holder supply<\/p>\n<p>Read more in The Week On-chain\ud83d\udc47<a href=\"https:\/\/t.co\/8E6VOBOl5A\">https:\/\/t.co\/8E6VOBOl5A<\/a><\/p>\n<p>\u2014 glassnode (@glassnode) <a href=\"https:\/\/twitter.com\/glassnode\/status\/1401931959190786051?ref_src=twsrc%5Etfw\">June 7, 2021<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Experts noted that such on-chain metric dynamics, together with the clearing of mempool congestion, point to a high degree of uncertainty about the direction of the price vector.<\/p>\n<p>The seven-day moving average of active Bitcoin addresses fell 18% from recent peaks to around 940,000. In 2018, after Bitcoin reached an all-time high at the time, the drop was 33%.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"573\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/1-468-1024x573.png\" alt=\"Glassnode: Bitcoin and Ethereum on-chain activity falls to 2018 levels\" class=\"wp-image-138276\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/1-468-1024x573.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/1-468-300x168.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/1-468-768x430.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/1-468-1536x859.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/1-468.png 1600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Dynamics of active Bitcoin addresses (seven-day moving average). Data: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"573\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/2-422-1024x573.png\" alt=\"Glassnode: Bitcoin and Ethereum on-chain activity falls to 2018 levels\" class=\"wp-image-138278\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/2-422-1024x573.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/2-422-300x168.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/2-422-768x430.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/2-422-1536x860.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/2-422.png 1600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Dynamics of on-chain value transferred in the Bitcoin network (seven-day moving average). Data: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"575\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/3-255-1024x575.png\" alt=\"Glassnode: Bitcoin and Ethereum on-chain activity falls to 2018 levels\" class=\"wp-image-138279\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/3-255-1024x575.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/3-255-300x168.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/3-255-768x431.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/3-255-1536x862.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/3-255.png 1600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Dynamics of on-chain value transferred in the Ethereum network (seven-day moving average). Data: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"572\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/4-155-1024x572.png\" alt=\"Glassnode: Bitcoin and Ethereum on-chain activity falls to 2018 levels\" class=\"wp-image-138280\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/4-155-1024x572.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/4-155-300x168.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/4-155-768x429.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/4-155-1536x858.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/4-155.png 1600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Dynamics of median transaction fees in the Bitcoin and Ethereum networks. Data: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"574\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/5-94-1024x574.png\" alt=\"Glassnode: Bitcoin and Ethereum on-chain activity falls to 2018 levels\" class=\"wp-image-138281\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/5-94-1024x574.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/5-94-300x168.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/5-94-768x431.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/5-94-1536x861.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/5-94.png 1600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Dynamics of the aSOPR and STH-SOPR indicators. Data: Glassnode.<br \/><\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"575\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/6-69-1024x575.png\" alt=\"Glassnode: Bitcoin and Ethereum on-chain activity falls to 2018 levels\" class=\"wp-image-138282\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/6-69-1024x575.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/6-69-300x169.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/6-69-768x432.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/6-69-1536x863.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/6-69.png 1600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Dynamics of the net position of long-term Bitcoin investors. Data: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/7-40-1024x576.png\" alt=\"Glassnode: Bitcoin and Ethereum on-chain activity falls to 2018 levels\" class=\"wp-image-138283\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/7-40-1024x576.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/7-40-300x169.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/7-40-768x432.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/7-40-1536x864.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/7-40.png 1600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Total Bitcoin supply in the hands of long-term holders. Data: Glassnode.<br \/>\u00a0<br \/><\/figcaption><\/figure>\n<\/div>\n<p>Earlier, ForkLog&#8217;s experts <a href=\"https:\/\/u1f987.com\/en\/news\/experts-identify-the-key-level-below-which-bitcoins-bear-market-would-begin\">outlined the criteria<\/a> for the transition of the current correction into a bear market.<\/p>\n<p> Subscribe to ForkLog news on <a href=\"https:\/\/vk.com\/forklogcom\" target=\"_blank\" rel=\"nofollow noopener\">VK<\/a>! <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Metrics for active users, on-chain value transferred, and transaction fees in the Bitcoin network for the prior week fell to levels seen at the end of 2020 and the start of 2021. These observations were shared by Glassnode analysts.<\/p>\n","protected":false},"author":1,"featured_media":43963,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,46,1273,1145],"class_list":["post-43962","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-ethereum","tag-glassnode","tag-market-analysis"],"aioseo_notices":[],"amp_enabled":true,"views":"20","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/43962","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=43962"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/43962\/revisions"}],"predecessor-version":[{"id":43964,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/43962\/revisions\/43964"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/43963"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=43962"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=43962"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=43962"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}