BTC Update: Daily Transfer Volume Drops By 76%

BTC has been riding the waves of slump since it hit an all-time high in January. However, recently released data shows that the token has increased its market cap significantly as it touches $860 million. BTC is currently trading at $94,209. In the month of February, the token has seen a slump by 8%. As a result, BTC will probably record the first negative month since 2020.  

The average return of the coin is supposedly sitting at 14%, and the likelihood of the token hitting an all-time high is low. The current sentiment of the market is inching towards fear. Therefore, it will be futile to expect some major price action for BTC in the upcoming week.  

BTC Realised Cap Increased By 23% 

After breaking the $92,000 resistance on November 19th, 2024, the token spent the next 65 days oscillating between $92,000 and $100,000. In January 2025, the token recorded its all-time high before falling into a bearish slump. The token has not made any significant headway since it broke its previous ATH of $74,000.  

Even though the price movement of the token is sluggish, there is some hope for the token. The token is up by 1.97% in this year. While some consider this consolidation to be a step back. A BTC proponent and co-founder of 21st Capital, Sina G, believes otherwise. According to Sina G, the realized cap of BTC has increased to $160 billion.  

Sina explained that an increase in the realized cap is equivalent to an increase in ‘new net money’. Therefore, Sina certainly considers this growth to be a metric of progress. Meanwhile, another crypto expert, Axel Adler Jr., claims that a lack of price movement will affect the network activity. Adel pointed out that the daily transfer volume of the coin has dropped by 76% and a 74% decline in active wallets in the last seven days.  

Still, Adler pointed out that long-term holders are demonstrating resilience as they are anticipating a price breakout due to macroeconomic development and SEC’s contribution.