Based on Glassnode data on Bitcoin (BTC) wallet activity, an on-chain analyst demonstrates Dormancy Flow Indicator close to 12-year lows.
Cryptocurrency analyst nicknamed TXMCtrades, host of YouTube show Alpha Beta Soup on blockchain and cryptocurrencies, demonstrates the unusual pattern of Bitcoin activity during this bear cycle.
According to a chart shared by TXMCtrades on Twitter, Dormancy Flow, one of the most interesting Bitcoin on-chain indicators, dropped to levels last seen in October 2010.
This metric is one of the so-called “lifespan indicators” that represent the average number of days destroyed per coin traded on any given day.
As a result, the metric has been falling since Q1 2021. By mid-June 2022, it had dropped below levels seen prior to the legendary 2011 BTC price rally, a historic first breakthrough of digital gold.
That said, the Bitcoin network hasn’t been too quiet since the days when the top cryptocurrency was trading below $0.2; it has grown more than 345,000 times since then.
At the time of writing, the price of BTC still shows no signs of stopping, the 20,000 mark will be the last support area for the bulls before a new signal.
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