The network activity of the world’s largest cryptocurrency continues to remain a barren wasteland.
Bitcoin seems to remain barren as its push above the psychological $20,000-level came after nearly 10% gains over the past 24 hours, followed by a mass profit-taking session as traders anticipating the threshold began selling their bags.
Although, a certain section offloads their Bitcoins, HODlers remained steadfast while several metrics now point towards a full cycle detox.
A cohort of investors with older coins have held on to their tokens and have refused to spend and exit their position at any meaningful scale
“Whilst this is constructive in that it displays HODLer conviction, with such a lackluster demand profile as a backdrop, such an observation may be best interpreted as HODLers bunkering down for the storms ahead.”
The HODling trend persists despite uncertainty in the global markets, as wealth held by mature coins stood at an all-time high.
The Bitcoin market is stepping into a phase of relative stability that signifies nearing a full detox of speculative interest and might near an equilibrium baseline of users as depicted by the Median Transaction Volume metric that appears to be in the process of steadily flattening out.
Following the last year’s Great Miner Migration, there has been a significant reset in terms of network adoption, which recently collapsed exposing the fact that an “appreciable recovery” may not be feasible, and the reduction in the influx of new users to the network is palpable.
For now, the report suggests that Bitcoin’s network activity remains a barren wasteland, as New Entity Adoption dropped below cycle lows simultaneously with a complete exodus of retail participation.