Onchain demand stayed soft through the slide, according to Glassnode data. The number of active addresses, a rough gauge of how many users are actually transacting, sat around 618,000, in the middle of its recent range rather than breaking higher.
The value of coins moving across the network held near $4.2 billion, just above the bottom of its range around $3.6 billion, pointing to subdued rather than surging activity, the firm said in a Monday report.
Total transaction fees, or what users pay to move funds and a read on competition for space in each block, kept contracting. Together, the three say demand has not picked up even with prices lower.
Adding to the caution, Strategy, the largest corporate holder of bitcoin, said Monday it may sell more than a billion dollars of the token under a new program to shore up its finances, a reversal of founder Michael Saylor’s long-standing refusal to sell.
The prospect of those sales hangs over an already thin market. That leaves crypto where it has traded for weeks, pinned by a strong dollar and a lack of fresh demand rather than any single shock.
The next tests are whether the dollar’s climb stalls and whether the yen’s slide forces Japan to step in, a move some warn could unwind the cheap-yen borrowing long used to fund risk trades worldwide.