On-chain data shows the Bitcoin network activity has recently declined into the bear market zone. Here’s what this could mean for the asset.
CryptoQuant’s Bitcoin Network Activity Index Is Flashing A Bear Market Signal
As pointed out by an analyst in a CryptoQuant Quicktake post, the Bitcoin Network Activity Index has recently been inside the bear phase. The “Network Activity Index” here refers to an indicator from CryptoQuant that essentially tracks the amount of activity that the BTC network is witnessing.
The metric uses the data of different activity-related indicators like the transaction count and daily active addresses in order to determine the situation on the blockchain.
Here is the chart shared by the quant that shows the trend in the index and its various moving averages (MAs) over the cryptocurrency’s history:
As displayed in the above graph, the Bitcoin Network Activity Index reached a peak last year, but since December, the metric has been sharply
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