🅱️ Bitcoin's volatility and activity have dropped to 2023 lows

In July, on-chain activity of the Bitcoin network fell to the level of October 2023, when the coin was worth $28–35 thousand.

📊 Key facts:

🔵 The cumulative transaction volume for June decreased by 15% compared to May.

🔵 On July 5, there were only ~5000 unprocessed transactions left in the mempool (for comparison: at the end of 2024, there were ~150,000).

🔵 The share of miners' commission income has fallen to fractions of a percent.

📉 Experts are sounding the alarm

Joel Valenzuela (Dash):

"The mempool is practically empty. Almost all real users have left the network. This is a crisis: Bitcoin risks either going bankrupt or becoming a completely custodial asset under the control of states and institutional investors."

João Wadeson (Alphractal):

"An empty mempool indicates a lack of retail. When the queue grows, it is a sign of a return of mass interest."

🟢 Institutional investors continue to buy

🔵 The cumulative net inflow into American spot ETFs has already reached $50 billion.

🔵 AUM of the funds has grown to $137 billion, which is 6.29% of BTC's market capitalization.

🔵 In June, public companies purchased 65,000 BTC ($7 billion).

🔵 They now hold 3.47 million BTC (~16.5% of the total supply).

Against the backdrop of low on-chain activity, Wall Street's interest in digital gold is only increasing.

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