CryptoQuant analyst Axel Adler Jr's latest views are quite interesting. He pointed out that the average daily transactions on the Bitcoin network increased from 340,000 to 364,000 over the past two days, an increase of 24,000 transactions.

Although this number is still quite a bit lower than the peak period of 530,000 to 660,000 transactions in 2023–2024, the key point is not here—what's crucial is: under this market rally, there hasn't been a panic sell-off; instead, it's been very stable.

What does this indicate? Two intuitive feelings:

1. The old investors haven't run away, which shows that they believe this rally is for real.

2. Transactions have increased, but there hasn't been a market crash; instead, the signals are strengthening #BTC再创新高