Bitcoin blockchain activity has plummeted in recent months TechRadar Skip to main content TechRadar is supported by its audience. When you purchase through links on our site, we may earn an affiliate commission. Here's why you can trust us. Bitcoin blockchain activity has plummeted in recent months By Sead Fadilpašić published 8 July 2022 Bitcoin tourists are leaving in their droves (Image credit: eToro) Audio player loading… Between rising inflation, fear of a recession, the return of Covid, the war in Ukraine, and the relentless supply chain disruptions, the global markets are in a state of fear, and are assuming defensive positions. This has also reflected on the Bitcoin (opens in new tab) blockchain, whose activity has "reduced modestly" over recent weeks, according to a new report by Glassnode. The on-chain market intelligence firm says network activity is now at levels similar to those occurring during the "deepest bear phase" in 2018 and 2019. "It appears that a near complete purge of market tourism has taken place," Glassnode said in a report (opens in new tab). Whales and Shrimps keep stacking But declining blockchain activity is not the only argument that "casuals" have almost entirely abandoned the cryptocurrency market. It also says that die-hard Bitcoin fans remain in high conviction, as exchange balances are draining at "historically high levels", while both Shrimps and Whales are increasing their positions "meaningfully". "Whales" are entities (individuals or companies) with large bitcoin holdings, while "Shrimps" are those striving to become Whales. This year, the cryptocurrency market has been going through a full-blown crypto winter. The bear market is in full swing. Since November 2021, when the price of Bitcoin hit an all-time high of around $69,000, it's been nothing but downhill since then. At one point, the price recorded eight straight weeks of price declines, something that's never happened in the token's history.Read more> Popular crypto wallet discontinued after fatal flaw discovered (opens in new tab) > Here are the best mobile payment apps around (opens in new tab) > What is Bitcoin? Understanding BTC and other crypto-currencies (opens in new tab) The Terra/Luna collapse, Three Arrows Capital fiasco, followed by the Chapter 11 bankruptcy of Voyager, Vauld being acquired by Nexo, Celsius suspending withdrawals, have all done nothing but instill more fear in the market, and pushed the price of bitcoin even further down. At one point, the cryptocurrency fell to $17,000, below its previous all-time high of around $19,000, something that also, never happened before. In the last two days though, it has gained some ground, rising by almost 10%, to $22,000. Whether this signals a trend reversal, or if it's just a "dead cat bounce", remains to be seen.These are the best small business servers (opens in new tab) right now Sead Fadilpašić Sead is a seasoned freelance journalist based in Sarajevo, Bosnia and Herzegovina. He writes about IT (cloud, IoT, 5G, VPN) and cybersecurity (ransomware, data breaches, laws and regulations). In his career, spanning more than a decade, he's written for numerous media outlets, including Al Jazeera Balkans. He's also held several modules on content writing for Represent Communications. See more Computing news Are you a pro? Subscribe to our newsletter Sign up to theTechRadar Pro newsletter to get all the top news, opinion, features and guidance your business needs to succeed! Thank you for signing up to TechRadar. You will receive a verification email shortly. There was a problem. Please refresh the page and try again. MOST POPULARMOST SHARED1PC gamers are shunning high-end GPUs – spelling trouble for the Nvidia RTX 40902Samsung's smaller micro-LED 4K TV might finally be on the way to battle OLED3It looks like Fallout's spiritual successor is getting a PS5 remaster4A whole new breed of SSDs is about to break through5Nothing announces official launch date for new Ear (stick) AirPods alternatives 1Con le RTX 4000 ho capito che Nvidia ha perso la testa2Canon's next mirrorless camera could be too cheap for its own good3PC gamers are shunning high-end GPUs – spelling trouble for the Nvidia RTX 40904IT pros suffer from serious misconceptions about Microsoft 365 security5A whole new breed of SSDs is about to break through Technology Magazines (opens in new tab)● (opens in new tab)The best tech tutorials and in-depth reviewsFrom$12.99 (opens in new tab)View (opens in new tab)