{"id":500396,"date":"2022-08-29T18:01:59","date_gmt":"2022-08-29T18:01:59","guid":{"rendered":"https:\/\/wncen.com\/?p=500396"},"modified":"2024-06-11T14:23:08","modified_gmt":"2024-06-11T14:23:08","slug":"holders-accumulate-blockchain-activity-decreases-in-both-bitcoin-and-ethereum","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/holders-accumulate-blockchain-activity-decreases-in-both-bitcoin-and-ethereum\/","title":{"rendered":"Holders Accumulate, Blockchain Activity Decreases In Both Bitcoin And Ethereum"},"content":{"rendered":"<p><span style=\"font-weight: 400\">In bear markets, holders accumulate showing unwavering faith. The other side of that is a decrease in the \u201cwillingness to spend\u201d or use the assets. The <\/span><a href=\"https:\/\/medium.com\/intotheblock\/short-term-crypto-interest-fades-71c5a9e191b2\" rel=\"nofollow\"><span style=\"font-weight: 400\">latest Intotheblock report<\/span><\/a><span style=\"font-weight: 400\"> \u201chighlights the diverging pictures between on-chain demand and accumulation of the largest two crypto-assets.\u201d Some people still have trouble admitting we\u2019re currently in a bear market, but the signs are everywhere.<\/span><\/p>\n<div class=\"related-reading-shortcode\" style=\"text-align: center\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/bitcoin\/on-chain-indicator-bitcoin-only-1-3rd-bear-market\/\"> This On-Chain Indicator Suggests Bitcoin Still Only 1\/3rd Into Bear Market<\/a><\/div>\n<p><span style=\"font-weight: 400\">Why would you move your money if your goal is to accumulate? It doesn\u2019t make sense. The whole situation Intotheblock describes, though, makes all the sense in the world.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Signs Of Blockchain Activity Decreasing<\/span><\/h2>\n<p><span style=\"font-weight: 400\">According to the report, this month had \u201cthe lowest on-chain activity in years.\u201d Let\u2019s examine the indications that Intotheblock identified, and then we\u2019ll get to holders and their need to accumulate.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">\u201cNetwork fees for Bitcoin and Ethereum reached multi-year lows.\u201d<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">This is one of the clearest and easier-to-determine indicators. Especially in Ethereum, since that blockchain\u2019s main characteristic is that fees rise with usage. At the moment, the NFT market is stale and DeFi activity is not what it used to be. Plus, it seems like a good time for holders to accumulate what they can.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">\u201cNetwork fees paid to use Ethereum reached their lowest in two years.\u201d<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">Since the controversial <\/span><span style=\"font-weight: 400\">EIP-1559 passed, Ethereum burns a portion of the gas fee from every transaction. If people aren\u2019t using the network as much, the burning decreases but the issuance stays the same. \u201c<\/span><span style=\"font-weight: 400\">At these fee levels, Ether would be inflationary even following the merge\u2019s 90% issuance reduction,\u201d Intotheblock informs.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">\u201cBitcoin recorded modest outflows from centralized exchanges, while Ether saw relatively larger amounts of nearly half a billion being withdrawn.\u201d<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">This indicator is usually called \u201cExchanges Netflows\u201d and refers to \u201cthe net amount of inflows minus outflows of a specific crypto-asset going in\/out of centralized exchanges.\u201d Both bitcoin and ether are flowing out of the exchanges and into cold storage, \u201ca pattern that had occurred on previous bear markets.\u201d<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-500399 aligncenter\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/08\/ETHUSD_2022-08-29_14-52-21.png?resize=460%2C256\" alt=\"ETHUSD price chart for 08\/29\/2022 - TradingView\" width=\"460\" height=\"256\"><\/p>\n<pre style=\"text-align: center\">ETH price chart for 08\/29\/2022 on Coinbase | Source: ETH\/USD on <a href=\"https:\/\/www.tradingview.com\/symbols\/ETHUSD\/\" rel=\"nofollow\">TradingView.com<\/a><\/pre>\n<h2><span style=\"font-weight: 400\">Holders Accumulate, Is It Because The Merge Is Coming?<\/span><\/h2>\n<p><span style=\"font-weight: 400\">The transition from Proof-Of-Work to a Proof-Of-Stake consensus mechanism will be a monumental change for the Ethereum network. Crypto people are evidently interested in the merge, in fact, it was the main driver for ether\u2019s high performance of late. The rest of the population, though, seems to be unaware of it.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">\u201cNew addresses created on Ethereum reached their lowest levels since 2020 before DeFi summer.\u201d<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">New users don\u2019t know about the merge, so they\u2019re not flocking to Ethereum to try to make a buck through the highly-anticipated transition. Or flocking to Ethereum in general.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">\u201cIn spite of the upcoming milestone, relatively few people are searching for Ethereum.\u201d<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">While holders accumulate, search intention for \u201cethereum\u201d is as low as all the other indicators. This isn\u2019t necessarily a bad sign, we\u2019re in a bear market after all. It speaks of the low importance that the merge has for the general population, though.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Holders Accumulate In A Big Way<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Why does Intotheblock\u2019s report focuses on ethereum in the &#8220;blockchain activity decrease&#8221; part and on bitcoin in the &#8220;holders accumulate&#8221; part? It\u2019s curious, to say the least. \u201cThe consistent accumulation in bear markets reflects the strong commitment and long-term conviction many holders have in crypto,\u201d the report says. Even though the data they pulled concerns bitcoin only.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">\u201cHodlers\u2019 balance reached a new high of 12.92 million BTC.\u201d<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">That\u2019s right, an ever-increasing number of BTC is in people with high conviction&#8217;s hands. The implications this might have on the future price of the only scarce coin can\u2019t be overstated.\u00a0\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\" style=\"text-align: center\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/bitcoin\/on-chain-data-bitcoin-whales-10k-btc-growing\/\"> On-Chain Data: Bitcoin Whales With 10k+ BTC Have Been Growing<\/a><\/div>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">\u201c60% of all Bitcoin now owned by addresses that have been holding for over a year.\u201d<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">Another stat, same message. Holders accumulate, but bitcoin hodlers are a different breed. A lot of them seem to be all in on this trade. How will this affect bitcoin\u2019s price as supply keeps decreasing halving after halving?<\/span><\/p>\n<pre style=\"text-align: center\">Featured Image by <a href=\"https:\/\/pixabay.com\/users\/quincecreative-1031690\/?utm_source=link-attribution&amp;utm_medium=referral&amp;utm_campaign=image&amp;utm_content=3024279\" rel=\"nofollow\">3D Animation Production Company<\/a> from <a href=\"https:\/\/pixabay.com\/\/?utm_source=link-attribution&amp;utm_medium=referral&amp;utm_campaign=image&amp;utm_content=3024279\" rel=\"nofollow\">Pixabay<\/a> | Charts by <a href=\"https:\/\/www.tradingview.com\/\" rel=\"nofollow\">TradingView<\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"<p>In bear markets, holders accumulate showing unwavering faith. The other side of that is a decrease in the \u201cwillingness to spend\u201d or use the assets. The latest Intotheblock report \u201chighlights the diverging pictures between on-chain demand and accumulation of the largest two crypto-assets.\u201d Some people still have trouble admitting we\u2019re currently in a bear market, but the signs are everywhere. Related Reading: This On-Chain Indicator Suggests Bitcoin Still Only 1\/3rd Into Bear Market Why would you move your money if your goal is to accumulate? It doesn\u2019t make sense. The whole situation Intotheblock describes, though, makes all the sense in the world. Signs Of Blockchain Activity Decreasing According to the report, this month had \u201cthe lowest on-chain activity in years.\u201d Let\u2019s examine the indications that Intotheblock identified, and then we\u2019ll get to holders and their need to accumulate. \u201cNetwork fees for Bitcoin and Ethereum reached multi-year lows.\u201d This is one of the clearest and easier-to-determine indicators. Especially in Ethereum, since that blockchain\u2019s main characteristic is that fees rise with usage. At the moment, the NFT market is stale and DeFi activity is not what it used to be. Plus, it seems like a good time for holders to accumulate what they can.\u00a0 \u201cNetwork fees paid to use Ethereum reached their lowest in two years.\u201d Since the controversial EIP-1559 passed, Ethereum burns a portion of the gas fee from every transaction. If people aren\u2019t using the network as much, the burning decreases but the issuance stays the same. \u201cAt these fee levels, Ether would be inflationary even following the merge\u2019s 90% issuance reduction,\u201d Intotheblock informs. \u201cBitcoin recorded modest outflows from centralized exchanges, while Ether saw relatively larger amounts of nearly half a billion being withdrawn.\u201d This indicator is usually called \u201cExchanges Netflows\u201d and refers to \u201cthe net amount of inflows minus outflows of a specific crypto-asset going in\/out of centralized exchanges.\u201d Both bitcoin and ether are flowing out of the exchanges and into cold storage, \u201ca pattern that had occurred on previous bear markets.\u201d ETH price chart for 08\/29\/2022 on Coinbase | Source: ETH\/USD on TradingView.com Holders Accumulate, Is It Because The Merge Is Coming? The transition from Proof-Of-Work to a Proof-Of-Stake consensus mechanism will be a monumental change for the Ethereum network. Crypto people are evidently interested in the merge, in fact, it was the main driver for ether\u2019s high performance of late. The rest of the population, though, seems to be unaware of it.\u00a0 \u201cNew addresses created on Ethereum reached their lowest levels since 2020 before DeFi summer.\u201d New users don\u2019t know about the merge, so they\u2019re not flocking to Ethereum to try to make a buck through the highly-anticipated transition. Or flocking to Ethereum in general.\u00a0 \u201cIn spite of the upcoming milestone, relatively few people are searching for Ethereum.\u201d While holders accumulate, search intention for \u201cethereum\u201d is as low as all the other indicators. This isn\u2019t necessarily a bad sign, we\u2019re in a bear market after all. It speaks of the low importance that the merge has for the general population, though.\u00a0 Holders Accumulate In A Big Way Why does Intotheblock\u2019s report focuses on ethereum in the &#8220;blockchain activity decrease&#8221; part and on bitcoin in the &#8220;holders accumulate&#8221; part? It\u2019s curious, to say the least. \u201cThe consistent accumulation in bear markets reflects the strong commitment and long-term conviction many holders have in crypto,\u201d the report says. Even though the data they pulled concerns bitcoin only. \u201cHodlers\u2019 balance reached a new high of 12.92 million BTC.\u201d That\u2019s right, an ever-increasing number of BTC is in people with high conviction&#8217;s hands. The implications this might have on the future price of the only scarce coin can\u2019t be overstated.\u00a0\u00a0 Related Reading: On-Chain Data: Bitcoin Whales With 10k+ BTC Have Been Growing \u201c60% of all Bitcoin now owned by addresses that have been holding for over a year.\u201d Another stat, same message. Holders accumulate, but bitcoin hodlers are a different breed. A lot of them seem to be all in on this trade. How will this affect bitcoin\u2019s price as supply keeps decreasing halving after halving? Featured Image by 3D Animation Production Company from Pixabay | Charts by TradingView<\/p>\n","protected":false},"author":539,"featured_media":500398,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,13625],"tags":[12214,428,86710,86712,86709,1946,8686,15856,86708,79112,86711,10886,86707,3537,3538,84832],"class_list":["post-500396","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-ethereum","tag-accumulation","tag-bitcoin","tag-bitcoin-hodlers","tag-blockchain-activity-decreasing","tag-defi-summer","tag-ethereum","tag-ethusd","tag-holders","tag-holders-accumulate","tag-intotheblock","tag-lowest-on-chain-activity-in-years","tag-network-fees","tag-on-chain-demand","tag-proof-of-stake","tag-proof-of-work","tag-the-merge"],"acf":[],"yoast_head":"\n<title>Holders Accumulate, Blockchain Activity Decreases In Both Bitcoin And Ethereum<\/title>\n<meta name=\"description\" content=\"In bear markets, holders accumulate showing unwavering faith. 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