The average number of transactions in the BTC network increased by 31%

The average number of transactions in the BTC network increased by 31%

user avatar

by Eve Adams

2 years ago

Researchers from Glassnode published a report noting interesting changes in the cryptocurrency market over the past week. One of the key events was the significant impact of the Runes protocol on Bitcoin user activity.

While the number of active addresses is decreasing, the number of transactions has reached new highs, the experts indicated.

Glassnode specialists emphasized that the average daily number of transfers is 617 thousand, which is 31% higher than the annual average. This indicates a high demand for Bitcoin's blockchain space. They noted that Runes, launched in April 2024 on the day of the halving, continues to gain popularity, replacing the previous protocols Inscriptions and BRC-20.

Experts explained that by using the OP_RETURN field, Runes allows data to be encoded into the blockchain, taking up significantly less space. Currently, transactions related to the protocol account for 57.2% of all daily transfers on the network, indicating a shift in collector interest towards this innovation.

Additionally, experts noted the growing influence of the ETF market in the US on Bitcoin's price. Despite significant inflows into US spot funds, the price of Bitcoin remains stable.

This is due to the popularity of the cash-and-carry arbitrage strategy, where long positions on ETFs are paired with short positions on the CME Group futures market. As a result, even with the increase in open interest (OI) to a record $11.5 billion, overall demand remains neutral, the researchers noted.

Analysts also note that large hedge funds are increasing short positions in the futures market, which also affects BTC price dynamics. Currently, the open interest on the CME Group is $6.33 billion for Bitcoin and $97 million for micro futures.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Hut 8 Wins Bid for Poolin's Texas Datacenter Sites

Hut 8 has successfully bid $140 million for two datacenter sites owned by the bankrupt mining company Poolin.

user avatarLucas Weissmann

Senate Banking Committee Democrats Request Hearing on Prediction Markets

Democratic members of the Senate Banking Committee request a public hearing to examine the growing issue of prediction markets and their regulatory implications.

user avatarFilippo Romano

Crypto Economic Activity Remains Strong Despite Market Downturn

Crypto economic activity has shown resilience despite a significant drop in market capitalization, indicating a shift in market dynamics.

user avatarEmily Carter

Visa's Research Highlights Trust as a Barrier to Stablecoin Adoption

Visa's research highlights that trust and fraud protection are essential for stablecoin adoption, with 36% of US respondents considering their use, especially with bank-level protections.

user avatarTomas Novak

Cardano's Onchain Governance Approves New Treasury Allocations

Cardano's governance system has approved a new round of treasury allocations aimed at infrastructure and ecosystem development.

user avatarKaterina Papadopoulou

Galaxy Invests $100 Million in Onchain Credit Infrastructure

Galaxy has invested $100 million in Sky Protocol's yield-bearing sUSDS, integrating it into its corporate treasury and allowing it as collateral for institutional trading.

user avatarMaya Lundqvist

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.