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Bitcoin transactions plummet by over 50% in a week

Press Releases Crypto News CryptoSlate Bitcoin transactions plummet by over 50% in a week

There has been a notable drop in the total number of Bitcoin transactions in the past week. Between Sept. 8 and Sept. 11, it decreased from 909,000 to 412,000, showing a market cooldown.

This sharp decline aligns with a noticeable drop in network activity, likely influenced by an overall reduction in trading volume after several days of saturation. However, with the total number of transactions recovering to around 712,000 by Sept. 15, we can see that Bitcoin’s break above $59,000 reignited some stagnant trading volume.

Graph showing the total number of Bitcoin transactions from Sep. 1 to Sep. 15, 2024 (Source: CryptoQuant)

The total number of tokens transferred declined from 1.39 million on Sept. 8 to 548,518 by Sept. 15. This decrease points to a reduction in large-scale transfers, implying a shift from institutional activity or reduced market liquidity. The data suggests a period when market participants were less engaged in high-volume transactions.