Bitcoin Network Fees Declines 40%, Inactive Supply Also Trending Downwards
Bitcoin continues its bull riding.
The relentless appetite for risk is driving the market higher yet again. Today, BTC/USD went as high as $20,900, and with that, aggregate Bitcoin futures open interest (OI) advanced to a new record high.
Interestingly, although OI on CME remains above $1 billion, it has lost some ground to the likes of OKEx and Binance.
“With the contango structure abound, the path towards $20,000 is still intact, even if the said path is turning out to be much choppier than some would have hoped,” said Denis Vinokourov of Bequant.
The premium on Bitcoin futures actually stabilized last week. The average of the retail-focused platforms went above CME for the first time in almost two months for the December contracts, as per Arcane Research data.
At the same time, the amount of Ethereum locked across DeFi has risen to above 7mln, and in ETH 2.0, it has gone above 1.5 million.
According to IntoTheBlock, the number of Bitcoin addresses with a balance reached an all-time high of 33.22 million on Dec. 10, “pointing to an increasing amount of people investing in BTC.”
Realized Cap also reached $150 billion with an increase of 50% since the beginning of this year and 25% in just the past two months.
The network metrics otherwise have been flat for both the cryptocurrencies. Both assets had a 2% to 3% decrease in active addresses over the past week.
Volume on the exchanges has also been dropping sharply; Bitcoin volume is down 40% since the top in late November.
The same is the case for network fees; after a sharp increase last week, Bitcoin fees declined by about 40%. With this, Ethereum again averaged almost twice as much in daily fees as Bitcoin – $2.3 million to $1.2 million.
Even the number of BTC in circulation that hasn’t moved in over a year is trending downwards, indicating that the inactive supply is getting active again.
When it comes to stablecoins, Tether’s total supply has passed 20 billion and is the undisputed leader of stablecoins with over 5x the supply of any other stablecoin.
However, while Tether’s active addresses dropped by about 10.5% week-over-week, USDC active addresses grew by 22.8% week-over-week. But USDC averaged about 26K per day to USDT’s 163.2K per day.