The market intelligence platform IntoTheBlock has discussed the bearish situation Bitcoin has been facing that has got many puzzled.
Bitcoin Adoption Has Slowed Down To Multi-Year Lows Recently
Bitcoin had a great first quarter in 2024, fueled by demand from the spot exchange-traded funds (ETFs) and institutional entities. During this run, the asset surpassed the all-time high (ATH) set back in the previous bull run, breaking a pattern in other cycles where ATHs were only reached after the Halving.
With the huge demand, things looked to be just getting started for the asset, but in the months since the ATH, the cryptocurrency has only been consolidating sideways.
In a new post on X, IntoTheBlock talks about the current situation with Bitcoin, which many have been wondering about. The analytics firm has pointed out that the transfer activity on the BTC network has been high recently, as the Number of Transactions metric has set a new record.
The most recent spike in the Num
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