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Despite the Rise in Bitcoin Price, Why Interest in BTC Remained Low: 7 Reasons Listed
Crypto analysis company Alphractal analyzed the reasons for the on-chain ( activities remaining below expectations despite the Bitcoin price hovering above 95 thousand dollars.
According to the company's report, despite the optimistic atmosphere in the market, the trading volume and the number of active addresses are historically at low levels.
According to Alphractal's findings, there are seven main reasons behind this situation:
Price is rising due to external factors instead of on-chain usage:
The current price of Bitcoin is shaped by external factors such as institutional capital inflows into spot ETFs rather than the real use on-chain.
Low volatility:
The low price volatility reduces investors' motivation to trade, which leads to a decline in on-chain transactions.
Artificial exchange volumes:
The exaggerated display of trading volumes on some exchanges may conceal the actual level of usage on the network.
Limited practice demand:
The price of Bitcoin is being supported more through derivative products and speculative instruments rather than daily on-chain usage.
The market is in a consolidation phase:
Investors tend to wait until macroeconomic developments or clear signals emerge. This also restricts coin movements.
The Popularization of Layer-2 Solutions:
Second layer solutions like the Lightning Network are causing transactions to move off-chain. This leads to a low activity appearance on the main network.
The shift of speculative activities to other networks:
Networks like Ethereum, Solana, and Base are attracting transaction-intensive activities such as DeFi, staking, and memecoin. This is causing a decrease in the dynamism of the Bitcoin main chain.
Alphractal states that the current situation indicates that Bitcoin is being evaluated more as a "financial asset" rather than a "blockchain technology." This also suggests that the connection between on-chain usage and price is becoming increasingly weak.