{"id":44750,"date":"2021-06-22T11:52:33","date_gmt":"2021-06-22T08:52:33","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=44750"},"modified":"2025-08-31T18:29:48","modified_gmt":"2025-08-31T15:29:48","slug":"glassnode-activity-in-bitcoin-and-ethereum-networks-falls-to-annual-lows","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/glassnode-activity-in-bitcoin-and-ethereum-networks-falls-to-annual-lows\/","title":{"rendered":"Glassnode: Activity in Bitcoin and Ethereum networks falls to annual lows"},"content":{"rendered":"<p>Measures of active users, on-chain value transferred, and transaction fees in Bitcoin and Ethereum networks hit new lows after the May correction. Glassnode analysts shared these observations.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> on-chain activity has fallen dramatically this week, returning to levels not seen in 1yr.<\/p>\n<p>Simultaneously, a seismic shift is underway in the <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> mining markets, as hash-rate falls and miners ramp up spending.<\/p>\n<p>Read more in The Week On-chain<a href=\"https:\/\/t.co\/nolMIQaFGK\">https:\/\/t.co\/nolMIQaFGK<\/a><\/p>\n<p>\u2014 glassnode (@glassnode) <a href=\"https:\/\/twitter.com\/glassnode\/status\/1407005397613907968?ref_src=twsrc%5Etfw\">June 21, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The number of active Bitcoin addresses fell 24% from recent peaks to 884,000. The decline in the analogous metric for the Ethereum network was even more dramatic \u2014 30%, to 474,000.<\/p>\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\/1-482-1024x576.png\" alt=\"Glassnode: \u0430\u043a\u0442\u0438\u0432\u043d\u043e\u0441\u0442\u044c \u0432 \u0441\u0435\u0442\u044f\u0445 \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430 \u0438 Ethereum \u0443\u043f\u0430\u043b\u0430 \u0434\u043e \u0433\u043e\u0434\u043e\u0432\u044b\u0445 \u043c\u0438\u043d\u0438\u043c\u0443\u043c\u043e\u0432\" class=\"wp-image-139767\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/1-482-1024x576.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/1-482-300x169.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/1-482-768x432.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/1-482-1536x864.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/1-482.png 1600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Trend of active addresses in Bitcoin and Ethereum networks. Data: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<p>The total volume of on-chain value transferred in the blockchains of the two leading cryptocurrencies fell by 63% and 68%, to $18.3 billion and $5 billion respectively.<\/p>\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\/2-427-1024x576.png\" alt=\"Glassnode: \u0430\u043a\u0442\u0438\u0432\u043d\u043e\u0441\u0442\u044c \u0432 \u0441\u0435\u0442\u044f\u0445 \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430 \u0438 Ethereum \u0443\u043f\u0430\u043b\u0430 \u0434\u043e \u0433\u043e\u0434\u043e\u0432\u044b\u0445 \u043c\u0438\u043d\u0438\u043c\u0443\u043c\u043e\u0432\" class=\"wp-image-139768\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/2-427-1024x576.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/2-427-300x169.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/2-427-768x432.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/2-427-1536x864.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/2-427.png 1600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Trend of on-chain value transferred in Bitcoin and Ethereum networks. Data: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<p>Fees for priority inclusion in Bitcoin blocks, amid mempool releases, fell to levels seen in 2020. The daily transaction fee rate dropped to 29.6 BTC ($1.2 million), its share of miners&#8217; revenue fell to 4%.<\/p>\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\/3-258-1024x576.png\" alt=\"Glassnode: \u0430\u043a\u0442\u0438\u0432\u043d\u043e\u0441\u0442\u044c \u0432 \u0441\u0435\u0442\u044f\u0445 \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430 \u0438 Ethereum \u0443\u043f\u0430\u043b\u0430 \u0434\u043e \u0433\u043e\u0434\u043e\u0432\u044b\u0445 \u043c\u0438\u043d\u0438\u043c\u0443\u043c\u043e\u0432\" class=\"wp-image-139769\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/3-258-1024x576.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/3-258-300x169.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/3-258-768x432.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/3-258-1536x864.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/3-258.png 1600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Trend of total paid transaction fees in the Bitcoin network. Data: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<p>In the Ethereum network, the daily transaction fees fell to 1,900 ETH (~$4.34 million). The last time such levels were seen was on the eve of the 2020 DeFi summer. The share of fees in miners&#8217; revenue fell to 10%.<\/p>\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\/4-157-1024x576.png\" alt=\"Glassnode: \u0430\u043a\u0442\u0438\u0432\u043d\u043e\u0441\u0442\u044c \u0432 \u0441\u0435\u0442\u044f\u0445 \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430 \u0438 Ethereum \u0443\u043f\u0430\u043b\u0430 \u0434\u043e \u0433\u043e\u0434\u043e\u0432\u044b\u0445 \u043c\u0438\u043d\u0438\u043c\u0443\u043c\u043e\u0432\" class=\"wp-image-139770\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/4-157-1024x576.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/4-157-300x169.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/4-157-768x432.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/4-157-1536x864.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/4-157.png 1600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Trend of on-chain value transferred in Bitcoin and Ethereum networks. Data: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<p>In the context of coin distribution, analysts saw similarities with 2017. The diagram below shows a shift of long-term holders toward accumulation, characteristic after the peak during the previous bull market.<\/p>\n<p>The turning point in their actions occurred despite Bitcoin&#8217;s price dropping below the cost basis of some coins. Of the coins acquired in the last two months, an additional 5.25% of the market supply, around 1.5% of coins, is held with an unrealized loss.<\/p>\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\/5-95-1024x576.png\" alt=\"Glassnode: \u0430\u043a\u0442\u0438\u0432\u043d\u043e\u0441\u0442\u044c \u0432 \u0441\u0435\u0442\u044f\u0445 \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430 \u0438 Ethereum \u0443\u043f\u0430\u043b\u0430 \u0434\u043e \u0433\u043e\u0434\u043e\u0432\u044b\u0445 \u043c\u0438\u043d\u0438\u043c\u0443\u043c\u043e\u0432\" class=\"wp-image-139772\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/5-95-1024x576.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/5-95-300x169.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/5-95-768x432.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/5-95-1536x864.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/5-95.png 1600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Trend of distribution of Bitcoin&#8217;s market supply between short- and long-term investors, and the relative profitability of their investments. Data: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<p>In Glassnode, two conclusions:<\/p>\n<ul class=\"wp-block-list\">\n<li>sp\u0440\u043e\u0441 \u043d\u0430 \u043e\u043d\u0447\u0435\u0439\u043d-\u0442\u0440\u0430\u043d\u0437\u0430\u043a\u0446\u0438\u0438 \u043a\u0440\u0430\u0439\u043d\u0435 \u043d\u0438\u0437\u043e\u043a, \u0447\u0442\u043e \u043c\u043e\u0436\u043d\u043e \u0441\u0447\u0438\u0442\u0430\u0442\u044c \u043c\u0435\u0434\u0432\u0435\u0436\u044c\u0438\u043c \u0444\u0430\u043a\u0442\u043e\u0440\u043e\u043c;<\/li>\n<li>\u0434\u043e\u043b\u0433\u043e\u0441\u0440\u043e\u0447\u043d\u044b\u0435 \u0438\u043d\u0432\u0435\u0441\u0442\u043e\u0440\u044b \u043d\u0435 \u0432\u044b\u0445\u043e\u0434\u044f\u0442 \u0438\u0437 \u043f\u043e\u0437\u0438\u0446\u0438\u0438 \u043f\u043e \u0442\u0435\u043a\u0443\u0449\u0438\u043c \u0446\u0435\u043d\u0430\u043c (\u043d\u0435\u0439\u0442\u0440\u0430\u043b\u044c\u043d\u043e-\u0431\u044b\u0447\u0438\u0439 \u0444\u0430\u043a\u0442\u043e\u0440, \u043f\u043e \u043c\u043d\u0435\u043d\u0438\u044e \u0430\u043d\u0430\u043b\u0438\u0442\u0438\u043a\u043e\u0432).<\/li>\n<\/ul>\n<p>Experts also provided a chart of Bitcoin&#8217;s hash rate. They estimate that in the last two weeks the volume of computing power fell by 16% \u2014 from 155 EH\/s to 125 EH\/s (the lowest since mid-2020).<\/p>\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\/6-70-1024x576.png\" alt=\"Hash rate trend in the Bitcoin network. Data: Glassnode.\" class=\"wp-image-139774\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/6-70-1024x576.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/6-70-300x169.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/6-70-768x432.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/6-70-1536x864.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/6-70.png 1600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Hash rate trend in the Bitcoin network. Data: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<p>Such dynamics coincided with miners selling coin reserves to cover operating costs for relocation, equipment deployment, or exiting the business. In the last two weeks, daily sales by this group amounted to 4\u20135 thousand BTC.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/7-41-1024x576.png\" alt=\"Glassnode: \u0430\u043a\u0442\u0438\u0432\u043d\u043e\u0441\u0442\u044c \u0432 \u0441\u0435\u0442\u044f\u0445 \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430 \u0438 Ethereum \u0443\u043f\u0430\u043b\u0430 \u0434\u043e \u0433\u043e\u0434\u043e\u0432\u044b\u0445 \u043c\u0438\u043d\u0438\u043c\u0443\u043c\u043e\u0432\" class=\"wp-image-139775\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/7-41-1024x576.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/7-41-300x169.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/7-41-768x432.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/7-41-1536x864.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/7-41.png 1600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Trend of net Bitcoin miners&#8217; position. Data: Glassnode.<\/figcaption><\/figure>\n<p>According to CryptoQuant, the amount of coins flowing to spot exchanges on the eve reached the highest since March 2020.<\/p>\n<p><script async src=\"https:\/\/telegram.org\/js\/telegram-widget.js?15\" data-telegram-post=\"forklog\/19948\" data-width=\"100%\" data-single><\/script><\/p>\n<p>The analyst Micha\u00ebl van de Poppe said that Bitcoin could fall to $24,000 if May&#8217;s lows were breached.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> is still acting in support here, with the crucial breaker at $35.5K.<\/p>\n<p>If this support doesn\u2019t hold, I\u2019m seeing $24K as the next area. <a href=\"https:\/\/t.co\/kk2CJixUyF\">pic.twitter.com\/kk2CJixUyF<\/a><\/p>\n<p>\u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) <a href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1407243092546277379?ref_src=twsrc%5Etfw\">June 22, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"\" utf-8\"><\/script><\/p>\n<p>As of June 16, Pantera Capital founder Dan Morehead said that <a href=\"https:\/\/u1f987.com\/en\/news\/pantera-capital-chief-now-is-a-good-time-to-buy-bitcoin\">now is a good time to buy digital gold<\/a>.<\/p>\n<p>Tim Draper <a href=\"https:\/\/u1f987.com\/en\/news\/tim-draper-reaffirms-forecast-that-bitcoin-will-reach-250000\">confirmed the forecast for Bitcoin to rise<\/a> to $250 000 by the end of 2022 or early 2023, despite sharp price fluctuations.<\/p>\n<p> Subscribe to ForkLog news on <a href=\"https:\/\/www.facebook.com\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Facebook<\/a>! <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Measures of active users, on-chain value transferred, and transaction fees in Bitcoin and Ethereum networks hit new lows after the May correction, according to Glassnode analysts. Bitcoin on-chain activity has fallen dramatically this week, returning to levels not seen in a year. Simultaneously, a seismic shift is underway in the Bitcoin mining markets, as hash-rate falls and miners ramp up spending.<\/p>\n","protected":false},"author":1,"featured_media":44751,"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-44750","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":"28","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/44750","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=44750"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/44750\/revisions"}],"predecessor-version":[{"id":44752,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/44750\/revisions\/44752"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/44751"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=44750"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=44750"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=44750"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}