Despite the notable rise in Bitcoin's price, approaching $110,000 today, June 11, indicators show that actual activity on the network does not reflect this momentum.
According to recent analysis from the 'CryptoQuant' platform, the crypto market is experiencing a clear stagnation, with a notable decline in trading activity on the network and centralized exchanges.
The Bitcoin network activity index has dropped to 3470, one of the lowest levels in 18 months.
Retail activity has contracted by more than 5%, with a decline in small transactions worth less than $10,000.
In this context, spot trading volume has recorded its lowest levels since October 2020.
Despite this stagnation, supply data shows that 847,200 Bitcoins have moved to long-term wallets, indicating accumulation behavior similar to what occurred in late 2024.
These coins have not moved for more than 155 days, reflecting increased confidence from long-term investors.
In the derivatives market, Ethereum stands out as the main activity hub.
The open interest in Ethereum futures has reached a record high of 7.17 million coins, with trading activity above the annual average, especially among retail traders.
These data show a decline in activity in spot markets versus an increase in speculation in futures contracts.
While the Bitcoin network appears dormant on the surface, deep metrics indicate a period of accumulation and waiting that may precede a significant price movement.
