Summary
- It was reported that Bitcoin's on-chain fees decreased by 22.9% over the past week.
- It was explained that reduced price volatility and on-chain activity are the main reasons for this trend.
- It was reported that Bitcoin's exchange net outflow reached $745 million, indicating a possible strengthening of holding sentiment.
Bitcoin (BTC) on-chain fees have decreased by more than 22% over the past week. This is interpreted as a result of reduced on-chain activity due to decreased price volatility.
On the 8th (local time), the virtual asset (cryptocurrency) data analytics firm Centora (formerly IntoTheBlock) announced via X (formerly Twitter) that "This week's total Bitcoin fees amounted to $3.36 million, down 22.9% from the previous week." This is seen as being caused by the recent decrease in Bitcoin's momentum, which has led to reduced on-chain activity.
Meanwhile, Net Flows data from exchanges showed a downward trend. According to Centora, the net outflow of Bitcoin from exchanges this week reached $745 million. This suggests there was a significant shift from exchanges to personal wallets, indicating a stronger tendency to hold rather than short-term selling pressure.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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