According to Deep Tide TechFlow, on June 10, CryptoQuant data showed that the Bitcoin network activity index dropped to 3.47k, the lowest in nearly 1.5 years. Retail demand has decreased by over 5%, with trades from $0 to $10,000 declining.
The spot trading volume on centralized exchanges has fallen to levels last seen in October 2020, marking a new low in 4.5 years. Despite stable ETF demand, on-chain and exchange activity has shrunk. 847,200 Bitcoins have been converted to long-term holdings, having been dormant for over 155 days.
Analysts say that historical data indicates that market calm often precedes a storm, and investors should pay attention to subsequent developments.
