Bitcoinist.net:

bitcoin transactions declining

The level of Bitcoin on-chain activity has declined since June, sliding just as market prices sank from their yearly peak. Transactions also saw a spike in October when BTC touched $10,000 again briefly.


On-Chain Bitcoin Transactions Correlate with Exchange Price Action

On-chain transactions for BTC often coincide with heightened trading interest. This led to slowing on-chain activity, as retail holders or “whales” did not transfer funds to exchanges.

At the same time, bitcoin futures activity picked up and expanded without the need for on-chain BTC transactions. Transfers to and from exchanges also coincide with bitcoin price action. But those trends also turn relatively quickly.

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Source: https://bitcoinist.com/bitcoin-transactions-on-the-decline-since-june-this-year/