In the past week, the total amount of Bitcoin’s large transactions plummeted by 97%. What does this mean?

Source: Shallot

Yesterday morning, bitcoin and other mainstream currencies appeared diving. Currently, Bitcoin's positive force is supported above $8,000.

In addition, the number of investors who have earned positive returns on the Bitcoin network and the reduction in large-value transactions have brought a glimmer of gambling to the cryptocurrency market.

According to IntoTheBlock data, multiple signals indicate an increase in market sentiment.

1. Nearly 30% of Bitcoin addresses are at a loss

The data shows that even if the price of Bitcoin falls to around $8,100, the bottom support momentum of Bitcoin remains strong. At the current price, 61% of Bitcoin addresses are still in a profitable state. This means that if these addresses sell BTC at the current price, you can get the benefit.

However, despite this, the number of bitcoin addresses in a lossy state has increased dramatically over the past week, with nearly 30% of bitcoin addresses being at a loss.

Second, the total amount of bitcoin transactions in the past week (single over $100,000) decreased by 97%

The number of addresses where Bitcoin addresses are at a loss limit may be the cause of the bitcoin network stagnation.

The average transaction size from the average transaction size to the bitcoin network is on a downward trend, and the only indicator of a slight increase is the number of short positions in the market.

In addition, it is worth noting that the large transactions on the Bitcoin network have also suffered a huge blow. The volume of transactions with a transaction volume of more than $100,000 fell by nearly 35% in less than two days, while the total transaction volume was cut in half.

In addition, IntoTheBlock noted that the total amount of Bitcoin transactions (single value over $100,000) has decreased by 97% in the past week.

As the number of large transactions decreases, the total number of transactions on the Bitcoin network also shows a downward trend.

However, Shallot’s previous article “The volume of trading on the mainstream exchanges has plummeted, and the market’s large fluctuations may be coming soon! "As of November 17, the volume of transactions on the mainstream exchanges has dropped to a low in recent months, and there is still a tendency to continue to shrink. Whether the shrinking volume of transactions indicates a reversal of the market or a weakening of interest in the encryption market, a sudden major change can be expected. U.today said that head-encrypted currencies tend to change around Christmas, and this may be the case in 19 years.

Although there are still some optimists, most analysts and traders still have a biased view on the short-term market.

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