Bitcoin Network Activity Plunges to One-Year Low, Cryptoquant Reports

 

Bitcoin Transactions and Fees Plummet

Cryptoquant‘s Bitcoin Network Activity Index, a key metric tracking transactions and user engagement, has fallen 15% since November 2024, now standing at 3,760—the lowest level since February 2024. The number of daily BTC transactions has also declined sharply, down 53% from its September 2024 peak of 734,000 to just 346,000 today, Cryptoquant researchers report.

 

 A primary factor behind the decline, according to Cryptoquant, is the collapse in usage of the Runes protocol. “The decline in Bitcoin’s network activity can be mostly explained by the collapse in the use of the Runes protocol to mint tokens on the Bitcoin network. This is evident in the total daily number of OP RETURN codes in bitcoin transactions, which the Runes protocol uses to write data about token mints and transfers on the network.

 

The SEC just approved the closest thing to a US bitcoin ETF you can buy, for now

 

• The US SEC has approved an ETF that tracks stocks with significant exposure to bitcoin.
• These firms hold a majority of their net assets in bitcoin or derive a majority of their profit or revenue from bitcoin-related activities.
• The actively-managed fund, Volt Crypto Industry Revolution and Tech ETF, was approved on October 5.