The number of transactions on the Bitcoin network has skyrocketed in the past week. This suggests that blockchain analytics firm Glassnode is an “urgent” transaction to mitigate investor risk.
Last week, a sudden influx of 42,800 transactions struck the Bitcoin (BTC) member pool. The chief analyst at Glassnode states that these are likely to be “urgent” transactions, as each transaction pays a high fee. Last week’s average price rose to $ 2.72, bitinfocharts, On-chain data tracker.Findings reported on Glassnode’s “Week On-chain” Report May 9th.
The #Bitcoin The market was a very volatile week, prices fell to $ 33.8 thousand and an additional 10% of the network was lost.
Analyze market reactions across supply contractions of mempools, exchanges, derivatives and stablecoins.https://t.co/WDuzlObVxK
— Glassnode (@glassnode) May 9, 2022
The Mempool on blockchain The network is where transactions are sent before they are confirmed in the block. The higher the commission paid on a transaction, the more likely it is to be selected before other transactions.
Glassnode wrote that as BTC prices have fallen 19% in the last seven days, investors have paid higher than average fees to mitigate portfolio risk or prioritize bids to add collateral to margin positions. increase. Over 15% of the fees paid for on-chain transactions correlate with foreign exchange deposit rates, which only increased during another major sale period in May 2021.
BTC Inflow to the exchange It surpassed inflows for most of 2022, but things changed last week with more than $ 50 million inflows than outflows. According to Glassnode, total exchange-related trading volumes were only in October and November last year, coincided with the peak of the bull market in 2017 in late December and early January 2018.
Glassnode also said that BTC accumulation has been on a low trend since mid-April. Less than Bitcoin’s whole “shrimp” has been the largest accumulator in the wallet cohort to whales over the past week, but even the strength of that accumulator was weaker than in the previous month of this year.
Related: Bitcoin retests key $ 30,000 support zone as data highlights BTC whale accumulation
The largest distributor or seller The best cohort stuff Those who have at least 10,000 coins. According to Glassnode, the distribution was higher than the accumulation throughout most of 2022, but the largest storeers ranged from those holding less than 1 BTC to those holding 10.
The Bitcoin market is in the midst of spending total fees at local highs as investors urgently try to withdraw from more volatile positions. Continue on their “rocky road” Surrender, as Cointelegraph reported on May 10.
