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Bitcoin on-chain metrics
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Bitcoin On-Chain Activity Throttled After LUNA Collapse

Best Owie by Best Owie
1 year ago
in Bitcoin
Reading Time: 3 mins read

Bitcoin on-chain activity has fallen into the red after the infamous LUNA collapse. The collapse had no doubt reduced faith in the cryptocurrency market and has seen investors significantly reduce their activity in the space. This has led to losses across the board for miners as fee revenues, transaction volumes, and transaction values have all plummeted, all of which have seen daily miner revenues fall towards yearly lows.

Bitcoin On-Chain Activity Declines

The previous week had seen on-chain activity ramp up during the height of the LUNA collapse. Mostly, this had been to investors scrambling to move their coins to avoid being affected by the downtrend that followed. As well as exchanges needing to restructure their bitcoin wallets following the carnage which had seen activity rise.

Related Reading | Eight Consecutive Red Closes: Is Bitcoin Headed For A Recovery?

Due to this, there had been a significant jump in the transaction volumes as well as the average transaction. Although this did not translate to more revenue for miners, recording a 21.85% fall from the prior week. Miner revenues were even worse last week following the LUNA crash. It recorded an additional 7.95% loss that brought daily revenues to $25.5 million. The last time revenues were this low had been in July of 2021.

btc hashrate

Mining difficulty reaches all-time high | Source: Arcane Research

With the market settling from the crash and the exchange wallet restructurings done, on-chain activity has now returned to normal levels. What this resulted in has been a 44% collapse from the previous week and daily transaction volume is down almost 50% from last week’s levels.

Mining Difficulty Back Up

The bitcoin mining difficulty had been going down for the last couple of weeks, which had seen the block production rate surpass the 6 blocks per hour goal about three weeks ago. What followed was a correction in the mining difficulty that brought the mining difficulty back up. The adjustment has seen block production fall well below the target to be sitting at 5.64 blocks per hour.

Bitcoin price chart from TradingView.com

BTC declines below $30,000 once more | Source: BTCUSD on TradingView.com

The percentage of revenue made up by fees had also dropped 0.69% from the prior week to 1.81%. This was expected seeing that the fees per day had recorded a 33.48% decline in the same time period. Transactions per day were also down 6.185 to 252,532 daily transactions.

Related Reading | Bitcoin, Ethereum Exchange Inflows Suggest Sell-Offs Are Far From Over

Bitcoin’s price had also taken a huge hit that had contributed to the decline in daily miner revenues, alongside the decreased block production rate which is now at an all-time high. An adjustment is expected on Wednesday that will likely reduce mining difficulty by 4% and 5%. With this, the block production rate is expected to increase and if the price of the digital asset does mirror this move, then miners may see a significant jump in revenues this week.

Featured image from Seeking Alpha, charts from Arcane Research and TradingView.com

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… 

Tags: bitcoinbitcoin miningBitcoin on-chain metricsbtcbtcusdLUNALuna Crash
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Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors. Best is a true professional in every sense of the word with an exceptional dedication to producing high-quality work.

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