This is one of the so-called"lifespan indicators" that demonstrates how many coin days are destroyed per transaction on a specific day. Simply put, it is a derivative from on-chain activity level that occurs between accounts.
As such, this metric has been falling since Q1, 2021. In mid-June 2022, it dropped below the levels registered prior to the legendary 2011 BTC price rally, a first breakthrough in the history of digital gold.That said, the Bitcoin network has not been so quiet since the days when orange coin was trading below $0.2; it has rallied over 345,000 times since.This dropdown should be attributed to two groups of catalysts.
However, the ecosystem of crypto-based financial products grows day by day. The activity on derivatives markets and CEXes is invisible for on-chain analysis instruments. So, this could also be interpreted as evidence of the maturation of the web3 segment as an economic and infrastructure category.
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