The bitcoin (BTC) exchange rate rose to $43,152 on Monday, but network activity remains weak. The value of the leading digital currency has increased by 2% in seven days.
BTC volatility remains at its lowest level since December 2023. Bitcoin transactions totaled $1.21 trillion in January, according to The Block.
Trading volume has been on the rise since early fall 2023. While in September it amounted to $556.49 billion, it already reached $1 trillion in December.
In February, traders realized BTC deals worth $133.11 billion. In January, trading was at its highest level since September 2022.
Institutional investors were eagerly awaiting the launch of spot crypto ETFs in the U.S. market.
However, the appearance of such an instrument did not provoke the activation of traders. On the contrary, most market participants refrained from entering the digital currency, which led to a decline in its value.
Glassnode believes that bitcoin’s low volatility was the result of hodlers not moving their coins.
Network metrics indicate that in December and January, most long-term wallets did not participate in transactions at all.