• Bitcoin trading volume hits two-year low as BTC continues to drain from exchanges

On-chain activity has dwindled as bitcoin transaction volumes hit his two-year low as the market continues to slump. His seven-day moving average of Bitcoin (BTC) trading volume hit a two-year low of $557,350,924, according to his Glass node, an on-chain analytics service. On December 5, he hit his two-year low of $560,983,210.

Additionally, Glass node’s bitcoin exchange net flow chart shows that in the last 24 hours, he has had $41.5 million worth of his BTC exit the cryptocurrency exchange. In a recent development, the number of Bitcoin addresses worth at least 1,000 BTC hit a three-year low of 2,063 addresses. Not every time, but many times in the past, the number of large owners has dropped significantly and the bear market has continued. Despite the bankruptcies of many crypto companies and falling prices, the crypto industry has made some progress during the last bull market and has not collapsed during the ongoing crash. 

As recently, market data suggests that adoption of cryptocurrencies is much higher than before the start of the bull market, even though prices have fallen dramatically.