Trading Volume Collapse: Bitcoin’s 7-day average transactions fell to 350,000, marking a 50% decline from 2024 peaks and 19-month lows.
Exchange Outflows Accelerate: Bitcoin reserves on exchanges hit 3-year lows while stablecoin reserves reach $45 billion, signaling accumulation patterns.
Institutional Dominance Emerges: Whales add 2,761 BTC daily through ETFs while retail investors exit, shifting market control to institutions.
Bitcoin trading volume drops 50% to historic lows. On-chain data reveals whale accumulation, miner capitulation, and exchange outflows. Market enters hibernation phase before potential bull run.
TRANSACTION VOLUME TOUCHES BOTTOM: THE SILENT MOMENT
Bitcoin’s market activity has entered an unprecedented quiet phase. On June 20, 2025, the 7-day moving average of Bitcoin transactions dropped to 350,000, representing a 50% decline from mid-2024 peaks.
This data marks a 19-month low. Furthermore, it pushes the market into a “death silence” state. Daily exchange volumes hit just $800 million, falling below typical weekend levels.
On-chain activity shows similar cooling trends. Bitcoin miner transactions now represent only 4.23% of total activity. This marks the lowest level since 2022. Meanwhile, daily miner revenue drops 30% year-over-year. As a result, several small mining operations have shut down.
Transaction fees remain consistently below $1.50. Users can complete transfers for as little as $0.01. Block space competition has virtually disappeared.
Data Signal: The market is transitioning from “speculation fever” to “hibernation mode”. However, low liquidity might indicate “silent accumulation” by long-term holders.
SUPPLY-DEMAND IMBALANCE: EXCHANGES EMPTIED AND STABLECOINS LOADED
Exchange Bitcoin Reserves Hit Three-Year Low
On-chain data reveals that exchange Bitcoin inventory has decreased by 30% compared to three years ago. This creates the lowest levels since 2022. The situation resembles “supermarket shelves being cleared out”. Both retail and institutional investors are accelerating asset transfers to cold wallets.
One three-year holder states: “Private keys are engraved on tombstones. Only grandchildren will be able to access them.”
Stablecoin Reserves Reach Historic Highs
Exchange USDT holdings have surpassed $45 billion. These funds act like “mercenary armies” gathered at borders. This capital can either transform into bottom-buying ammunition or become short-selling fuel. The situation reflects market disagreement and wait-and-see sentiment.
Supply-Demand Logic: Existing Bitcoin is being locked long-term. New funds haven’t entered yet. Prices remain trapped in a “high-price, low-demand” deadlock.
MINER CAPITULATION AND WHALE WARS: WHO CONTROLS MARKET RHYTHM?
Miner Strategy Transformation
Global hash rate now exceeds 1 ZH/s. However, miner selling has dropped from 15,000 BTC daily to under 1,000. Facing rising electricity costs and shrinking profits, miners have chosen a “power-saving mode”. They shut down redundant equipment while maintaining basic hash rate.
One mining farm owner explains: “Lying down and waiting for wind beats blind mining right now.”
Whales Accumulate Against Trends
Addresses holding 10+ BTC increased by 231 in ten days. Meanwhile, retail wallets (0.001-10 BTC) decreased by 37,465 during the same period. Whales are accumulating 2,761 BTC daily through ETF channels. Institutional holdings have broken through 830,000 BTC.
Market Polarization: Miners and whales show “hoarding + accumulation” behavior. This contrasts sharply with retail “panic exits”. The shift suggests that institutional players are gaining control.
ON-CHAIN UNDERCURRENTS: THREE OVERLOOKED STRUCTURAL CHANGES
From “Speculation Protocols” to “Value Storage”
Bitcoin-native protocol speculation fever has subsided. Runes and Ordinals trading volume crashed from a peak of 802,000 to 10,000 transactions. On-chain activity is returning to payment and transfer needs. Bitcoin is accelerating toward “digital gold” properties.
Long-Term Holders Enter “Meditation Mode”
Addresses holding for over 150 days continue climbing. Realized market cap has exceeded $900 billion. These “zen players” have locked in high-cost positions. They create price support floors. Even short-term volatility cannot trigger massive selling.
Mysterious Whale “Zombie Coins Awakening”
An 8-year dormant address holding 3,000 BTC suddenly activated. This sparked speculation about “ancient chip” movements. Historical data shows that such events typically precede 20%+ volatility within three months.
CRASH EVE OR BULL MARKET PREPARATION? CONTRADICTORY DATA ANSWERS
Bearish Signals
Demand momentum indicators have fallen to -2 million BTC. New investor interest has withered completely. Around $110,000, 744,000 BTC trapped positions form a “supply wall”. Declining miner revenue might force “capitulation selling”.
Bullish Evidence
The MVRV ratio (Market Cap/Realized Cap) stands at 2.3x. This remains far below historical bubble levels. Institutions are adding 2,761 BTC daily through ETFs. Cumulative absorption has exceeded $45 billion. Exchange stablecoin reserves remain abundant. Potential buying power hasn’t disappeared.
Truth Speculation: Current markets have entered a “stock game” phase. Short-term correction pressure exists. However, long-term holder and institutional hoarding behavior might plant seeds for the next bull run.
Conclusion: The Game Within Silence
When Bitcoin on-chain data enters “death volume” territory, market participants must see through appearances. Miner “capitulation”, whale “undercurrents”, and retail “exodus” weave a complex supply-demand network. This silent game might represent the “halftime break” before bull-bear market transitions.
〈Bitcoin Trading Volume Hits Historic Low: On-Chain Data Reveals Market Secrets〉這篇文章最早發佈於《CoinRank》。
