The average monthly transaction volume in the network $BTC decreased from $26.7 billion to $23.2 billion, or approximately by 13%. This decrease coincides with the recent drop in asset value.
It is believed that a drop below the annual average level of $21.6 billion may indicate a reduction in speculative interest and an overall decrease in demand from network participants.
In addition, attention should be paid to the activity of long-term holders. According to expert estimates, in this cycle they have already realized greater profits than in any other - except for the period of 2016-2017. Such behavior intensifies selling pressure and indicates that the market is approaching its final stage, as stated.
Analysts also note that the current cycle has lasted for 273 days with a predominant share of supply in profit. This is the second longest such period in the history of the first cryptocurrency. Only the cycle from 2015-2018 exceeded it - 335 days. This dynamic indicates a more prolonged nature of the current growth compared to previous phases.