According to a recent cryptocurrency research jobThe activity of the Bitcoin network (BTC) fell to a 12 -month hollow, with the activity index of the Bitcoin network of cryptocizing currently at its lowest level since February 2024.
Bitcoin network activity decreases as the market is consolidated
The data of the activity index of the Bitcoin network of cryptocurrency show that the activity decreased by 15% compared to its peak in November 2024. On February 5, the index amounts to 3,760, marking its level the lowest in the past year.
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The drop in network activity is mainly attributed to a sharp drop in the number of transactions on the Bitcoin network. From a record level (ATH) of 734,000 transactions in September 2024, the total number of daily transactions dropped from 53% to 346,000.
According to Cryptochant, this slowdown in the activity of the BTC network is largely driven by a drop in the use of the Runes protocol for the drop in chips on the blockchain. The message explains:
This is obvious in the total daily number of OP return codes in Bitcoin transactions, which the Runes protocol uses to write data on mints and tokens transfers on the network. When the Runes protocol appeared in April 2024, the daily number of OP return codes increased to 802K. However, the number of OP return code has dropped since, with only 10K OP return codes used.
For the uninitiated, the Runes protocol is a new standard of token for BTC, designed to allow the creation of fungible tokens directly on the network without requiring data outside chain or complex intelligent contracts. It aims to be more efficient and evolving than previous Bitcoin tokenization methods such as ordinals and BRC-20.
Additional evidence of a reduced network activity are visible in Bitcoin Mempool traffic. The total number of pending transactions waiting to be confirmed in a Bitcoin block dropped by 99%, going from 287,000 in December 2024 to only February 3 to 5, 2025. In particular, this is the lowest level of Mempool traffic since March 2022.
Is the BTC overvalued at the current price?
The analysis suggests that, on the basis of network activity, the fair Bitcoin value is currently between $ 48,000 and $ 95,000. This implies that the current BTC market price of around $ 98,000 could be overvalued.
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However, another cryptocurrency contributor arguments That the price of current bitcoin has a strong purchase opportunity for investors who seek to cost their assets on average. Likewise, another analyst suggest That recent BTC market performance indicates that it is in the distribution phase of the market cycle.
Despite short -term concerns, the long -term prospects for the BTC remain optimistic. A standard charter frame recently foreseen This bitcoin could reach $ 200,000 by the end of 2025. At the time of the press, BTC is negotiated at $ 97,914, down 0.1% in the last 24 hours.
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