{"id":25134,"date":"2025-07-07T10:05:50","date_gmt":"2025-07-07T07:05:50","guid":{"rendered":"https:\/\/forklog.com\/en\/bitcoin-volatility-and-on-chain-activity-plummet-to-october-2023-levels\/"},"modified":"2025-07-07T10:05:50","modified_gmt":"2025-07-07T07:05:50","slug":"bitcoin-volatility-and-on-chain-activity-plummet-to-october-2023-levels","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bitcoin-volatility-and-on-chain-activity-plummet-to-october-2023-levels\/","title":{"rendered":"Bitcoin Volatility and On-Chain Activity Plummet to October 2023 Levels"},"content":{"rendered":"<div class=\"wp-block-text-wrappers-keypoints article_keypoints\">\n<ul class=\"wp-block-list\">\n<li>The volatility of the leading cryptocurrency has decreased to levels recorded nearly two years ago.<\/li>\n<li>On-chain activity continues to decline, raising concerns among analysts about the exit of retail participants.<\/li>\n<li>Despite the decline in key metrics, &#8220;whale&#8221; demand for bitcoin continues to grow.<\/li>\n<\/ul>\n<\/div>\n<p>Despite the <a href=\"https:\/\/forklog.com\/en\/news\/bitcoin-price-surges-past-107000\">approach of the price<\/a> to its historical high and sustained interest from institutional investors, on-chain activity in the network of the leading cryptocurrency has fallen to its lowest levels in the past 20 months.<\/p>\n<p><!--more--><\/p>\n<p>The cumulative transaction volume for June fell by 15% compared to May&#8217;s figure \u2014 a level corresponding to October 2023, when bitcoin traded in the $28,000-35,000 range.<\/p>\n<p><iframe loading=\"lazy\" width=\"100%\" height=\"420\" frameborder=\"0\" src=\"https:\/\/www.theblock.co\/data\/on-chain-metrics\/bitcoin\/transactions-on-the-bitcoin-network-monthly\/embed\" title=\"Transactions on the Bitcoin Network (Monthly)\"><\/iframe><\/p>\n<p>Implied volatility has also noticeably decreased, reaching levels recorded nearly two years ago.<\/p>\n<p><iframe loading=\"lazy\" width=\"100%\" height=\"420\" frameborder=\"0\" src=\"https:\/\/www.theblock.co\/data\/crypto-markets\/options\/btc-atm-implied-volatility\/embed\" title=\"BTC ATM Implied Volatility\"><\/iframe><\/p>\n<h2 class=\"wp-block-heading\">Empty Mempool<\/h2>\n<p>According to <a href=\"https:\/\/www.blockchain.com\/explorer\/charts\/mempool-count\">Blockchain<\/a>, on July 5, there were only about 5,000 unprocessed transactions in the mempool. Later, their number increased to 15,000. <\/p>\n<p>However, this is still significantly less than the end of 2024, when about 150,000 transactions were waiting for confirmation. It was then that the price of bitcoin first surpassed the $100,000 mark.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"606\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/mempool-3-1024x606.png\" alt=\"mempool-3\" class=\"wp-image-261466\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/mempool-3-1024x606.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/mempool-3-300x178.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/mempool-3-768x455.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/mempool-3.png 1280w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Mempool congestion amid bitcoin price dynamics. Data: Blockchain.<\/figcaption><\/figure>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\n<cite>&#8220;Bitcoin&#8217;s mempool (a queue of pending transactions) is almost completely empty. The share of fee (non-inflationary) income for miners has dropped to fractions of a percent,&#8221; <a href=\"https:\/\/www.coindesk.com\/markets\/2025\/07\/06\/bitcoin-s-mempool-nearly-empty-as-prices-trade-near-lifetime-highs\">noted<\/a> Dash&#8217;s Director of Marketing and Business Development, Joel Valenzuela.<\/cite><\/p><\/blockquote>\n<p>According to him, almost all real bitcoin users have left the network, and this happened amid price peaks. Valenzuela described the situation as a serious crisis, where bitcoin risks either &#8220;going bankrupt&#8221; or becoming a fully custodial asset under the control of states and institutions.<\/p>\n<p>The founder of the analytical platform Alphractal, Joao Wedson, believes that an empty mempool indicates the absence of retail participants in the market.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\n<cite>&#8220;When the number of transactions in the mempool starts to grow, it&#8217;s a clear sign of retail returning \u2014 as the increasing queue reflects heightened demand for network use,&#8221; the specialist noted.<\/cite><\/p><\/blockquote>\n<h2 class=\"wp-block-heading\">Institutional Demand Grows<\/h2>\n<p>Despite the decline in key metrics, interest from Wall Street in digital gold continues to grow. <\/p>\n<p>In particular, the cumulative net inflow into US spot bitcoin ETFs has approached $50 billion, and the volume of assets under management of these structures has reached $137 billion \u2014 this is 6.29% of the <a href=\"https:\/\/www.coingecko.com\/en\/coins\/bitcoin\">market capitalization of digital gold<\/a>.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"393\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/ETF-4-1024x393.png\" alt=\"ETF-4\" class=\"wp-image-261474\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/ETF-4-1024x393.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/ETF-4-300x115.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/ETF-4-768x295.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/ETF-4-1536x589.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/ETF-4.png 1720w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Data on spot bitcoin ETFs. Data: <a href=\"https:\/\/sosovalue.com\/assets\/etf\/us-btc-spot\">SoSoValue<\/a>.<\/figcaption><\/figure>\n<p>On July 4 alone, the net inflow into exchange-traded funds amounted to $601.9 million.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"285\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/ETF2-1-1024x285.png\" alt=\"ETF2-1\" class=\"wp-image-261476\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/ETF2-1-1024x285.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/ETF2-1-300x84.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/ETF2-1-768x214.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/ETF2-1-1536x428.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/ETF2-1.png 1742w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Dynamics of net inflows into spot bitcoin ETFs. Data: <a href=\"https:\/\/sosovalue.com\/assets\/etf\/Total_Crypto_Spot_ETF_Fund_Flow?page=usBTC\">SoSoValue<\/a>.<\/figcaption><\/figure>\n<p>In June, public companies added approximately 65,000 BTC worth about $7 billion to their reserves, according to BitcoinTreasuries.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"227\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/BT-4-1024x227.png\" alt=\"BT-4\" class=\"wp-image-261479\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/BT-4-1024x227.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/BT-4-300x66.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/BT-4-768x170.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/BT-4-1536x340.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/BT-4.png 1782w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Statistics on corporate bitcoin reserves. Data: <a href=\"https:\/\/bitcointreasuries.net\/\">BitcoinTreasuries<\/a>.<\/figcaption><\/figure>\n<p>Corporations hold about 3.47 million BTC. This is approximately 16.5% of the total issuance of digital gold. <\/p>\n<p>As reported, analyst known as Rekt Capital <a href=\"https:\/\/forklog.com\/en\/news\/analyst-predicts-potential-end-of-bitcoin-bull-market-by-autumn\">warned<\/a> of a possible end to the bull market in two to three months.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The volatility of the leading cryptocurrency has decreased to levels recorded nearly two years ago. On-chain activity continues to decline, raising concerns among analysts about the exit of retail participants. Despite the decline in key metrics, &#8220;whale&#8221; demand for bitcoin continues to grow. Despite the approach of the price to its historical high and sustained [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":25133,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[480,1268,984],"class_list":["post-25134","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin-price","tag-on-chain-analysis","tag-volatility"],"aioseo_notices":[],"amp_enabled":true,"views":"24","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/25134","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=25134"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/25134\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/25133"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=25134"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=25134"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=25134"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}