Jamie Coutts, who shares his analyzes in the field of crypto money at Bloomberg Intelligence, spoke about Bitcoin. The analyst, who shared from his X account last weekend, drew attention to on-chain data. Jamie Coutts, who shared on-chain metrics through his X account, underlined that two important data reached historical peaks.
https://twitter.com/Jamie1Coutts/status/1705006255239307390
“According to the data shared by the Bloomberg Intelligence analyst, the number of long-term investors and transaction numbers reached an all-time peak.”
Coutts drew attention to the increase in the density of the investor group showing resistance and patience to price movements. According to the on-chain metric, the amount of Bitcoin held by the group called HODLer is at an all-time high. The fact that the number of transactions in the BTC network broke a record despite the low price shows that trust in cryptocurrencies continues.
Bitcoin is Losing Economic Value!
Following this positive data, Bloomberg analyst pointed out the decreasing economic value of BTC transactions. Stating that the average value per Bitcoin transaction has decreased by 98% in the last 3 years, Coutts emphasized that this metric is at the lowest level in the last 10 years. Jamie Coutts commented that while blockchain activity is growing, economic value is decreasing.
Coutts also explained that Ordinals, which enable Bitcoin holders to produce different products such as NFTs on the network, are becoming widespread. According to Bloomberg analysts, most of the increase in network activity comes from here. The cryptocurrency expert suggested that this is more than a temporary trend.
Although on-chain data looks positive, Jamie Coutts does not expect good things to happen in the market if global conditions cause a liquidity problem.
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