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Bitcoin costs have fallen to their lowest level in more than a decade, which reflects a weaker demand. Altcoins attract capital while BTC holders diversify, although long-term conviction remains remarkable.
Bitcoin’s [BTC] Price promotion has recently witnessed the fading of Momentum on his price promotion. Glass junction Data has shown that the daily Bitcoin transaction costs, measured on an average of 14 days, have fallen to only 3.5 BTC.
The last time the costs were so low was at the end of 2011, when the network was still at an early stage.
The drop points to a shrinking market activity to the chain, which suggests that the demand for block space has become considerably blurred in recent weeks.
Proof of portfolio diversification
Interestingly, in addition to the fading transaction costs, the number of active shipping addresses has been enriched in the past 48 hours according to ambcryptos of cryptoquant data.
This peak in active sending addresses usually gives holders of holders who move coins from their wallet-very very balanced to get back in balance or take positions elsewhere.
The timing looks perfect.
Most large altcoins have recorded strong profit in the same period, which adds weight to the idea that investors rotate capital away from Bitcoin in search of higher short -term returns.
Source: Cryptuquant
Exchange outflows add a turn
Despite the aforementioned developments in the chain, Bitcoin also included a sharp rise in the exchange current last week.
Analysts interpreted that as a bullish sign, because holders move in the long -term assets in self -coasts. But in combination with the upick when sending activity, the photo becomes less clear.
Part of those outflows can still be imposed in Altcoins instead of cold storage, which reflects a wider repositioning across the market.
Source: Cryptuquant
What could mean for Bitcoin?
All in all, the BTC statistics suggests a transition market.
Bitcoin seems to lose some trade momentum to Altcoins, who have been the stronger artists for the past 48 hours.
However, the exchange outflows still indicate that long -term confidence in BTC has not disappeared.
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