- Bitcoin’s transaction volume sat at a two-year high at press time.
- BTC’s Weighted Sentiment has turned negative.
Bitcoin’s [BTC] daily transaction volume has surged to its highest point since 2022, reflecting an increase in economic activity on the blockchain network.
According to The Block’s data dashboard, the network’s daily on-chain volume assessed on a seven-day moving average totaled $83 billion on the 15th of March.
This represented its single-day highest transaction volume since September 2022.
Source: The Block
The bears appear to be cornering the bulls
At press time, BTC exchanged hands at $65,556. In the past 24 hours, the coin’s value has declined by over 5%, per CoinMarketCap’s data.
As coin sell-offs gain momentum, market sentiment has shifted from bullish to bearish.
At press time, the coin’s Weighted Sentiment was -0.881, showing that bearish sentiment significantly exceeded bullish convictions.
This may be due to the daily decline in how profitable BTC transactions are now. Per Santiment, the ratio of BTC’s daily transaction volume in profit to loss was 0.716 at the time of writing.
Source: Santiment
This meant that for every transaction that ended in a loss, only a mere 0.716 transactions returned a profit. This suggested that currently, more transactions result in a loss rather than a profit.
Miner activity on the Bitcoin network
AMBCrypto found that on the 16th of March, it cost an average fee of $7 to complete a transaction on the Bitcoin network.
Per CryptoQuant’s data, the amount of coins held in miners’ wallets has since plunged by 1%.
Source: CryptoQuant
How much are 1,10,100 BTCs worth today?
Confirming the selling pressure from BTC miners, the coin’s miner-to-exchange flow assessed on a seven-day moving average has risen by over 100% in the last week.
This metric tracks the amount of coins transferred from the affiliated miners to the exchanges. When it rises, it suggests that miners on the Bitcoin network are selling their coins.
