Bitcoin transaction activity is climbing toward record levels even as its price continues to decline, according to on-chain data shared by crypto analyst Darkfost. The cryptocurrency's average monthly transaction count has reached approximately 640,000 based on the 30-day Moving Average, approaching the all-time high of 666,000 transactions recorded in September 2024. The surge in network activity occurs as Bitcoin's price has declined by roughly 19% this week and dropped below $60,000. Darkfost described the pattern as a major 'capitulation episode' and one of the most significant 'change of hands' events in Bitcoin's history, noting that rising transaction counts typically coincide with bullish phases rather than bearish downtrends.
Bitcoin Monthly Transactions Approach September 2024 Record
Bitcoin is seeing an unusual spike in on-chain activity even as its price continues to fall. Sharing a CryptoQuant chart, crypto analyst Darkfost highlighted that Bitcoin transactions are approaching an all-time high based on the 30-day Moving Average. The cryptocurrency's average monthly transaction count is now around 640,000, close to the level last seen during the 2024 correction when the network recorded 666,000 transactions in September.
Darkfost noted that Bitcoin's price decline has accelerated sharply in June, declining by roughly 19% this week. Despite the downtrend, the recent surge in on-chain activity is unusual compared to previous cycles. The analyst described the current surge in transaction activity as a major 'capitulation episode' and one of the most significant 'change of hands' in Bitcoin's history.
Short-Term Holders Move 60,200 BTC to Exchanges at Loss
Short-term Bitcoin holders are facing major losses after reacting strongly to the latest price drop, according to Darkfost. Holders with positions under six months were hit the hardest when Bitcoin's price slipped below $60,000 during last week's correction.
Over a 24-hour window at the height of the decline, more than 60,200 BTC were sent to exchanges by short-term holders. Of that total, over 59,000 BTC were moved at a loss, marking the largest negative returns for this group since February. The data showed that emotional selling played a major role in the move, with newer market participants locking in losses under pressure.
Bitcoin is currently trading at $62,655 according to Tradingview data.
FAQ
What is Bitcoin's current monthly transaction count?
Bitcoin's average monthly transaction count has reached approximately 640,000 based on the 30-day Moving Average, according to data shared by crypto analyst Darkfost. This level is approaching the all-time high of 666,000 transactions recorded in September 2024.
How much Bitcoin did short-term holders move to exchanges during the recent price drop?
Short-term Bitcoin holders sent more than 60,200 BTC to exchanges over a 24-hour period during the recent correction. Of that total, over 59,000 BTC were moved at a loss, marking the largest negative returns for this group since February.
