• bitcoinBitcoin (BTC) $ 117,796.00
  • ethereumEthereum (ETH) $ 4,405.84
  • xrpXRP (XRP) $ 3.10
  • tetherTether (USDT) $ 1.00
  • bnbBNB (BNB) $ 832.64
  • solanaSolana (SOL) $ 187.70
  • usd-coinUSDC (USDC) $ 0.999860
  • staked-etherLido Staked Ether (STETH) $ 4,397.35
  • dogecoinDogecoin (DOGE) $ 0.228939
  • cardanoCardano (ADA) $ 0.912301
  • tronTRON (TRX) $ 0.347247
  • wrapped-stethWrapped stETH (WSTETH) $ 5,320.78
  • hyperliquidHyperliquid (HYPE) $ 46.65
  • chainlinkChainlink (LINK) $ 22.09
  • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 117,673.00
  • wrapped-beacon-ethWrapped Beacon ETH (WBETH) $ 4,739.40
  • stellarStellar (XLM) $ 0.425329
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  • wrapped-eethWrapped eETH (WEETH) $ 4,725.72
  • bitcoin-cashBitcoin Cash (BCH) $ 579.35
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  • wethWETH (WETH) $ 4,407.44
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  • usdsUSDS (USDS) $ 1.00
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  • binance-bridged-usdt-bnb-smart-chainBinance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00
  • uniswapUniswap (UNI) $ 10.91
  • whitebitWhiteBIT Coin (WBT) $ 44.85
  • coinbase-wrapped-btcCoinbase Wrapped BTC (CBBTC) $ 117,731.00
  • polkadotPolkadot (DOT) $ 3.95
  • ethena-staked-usdeEthena Staked USDe (SUSDE) $ 1.19
  • bitget-tokenBitget Token (BGB) $ 4.64
  • crypto-com-chainCronos (CRO) $ 0.150487
  • ethenaEthena (ENA) $ 0.714913
  • pepePepe (PEPE) $ 0.000011
  • moneroMonero (XMR) $ 244.72
  • aaveAave (AAVE) $ 293.82
  • mantleMantle (MNT) $ 1.29
  • daiDai (DAI) $ 1.00
  • bittensorBittensor (TAO) $ 371.24
  • nearNEAR Protocol (NEAR) $ 2.73
  • ethereum-classicEthereum Classic (ETC) $ 22.22
  • aptosAptos (APT) $ 4.69
  • ondo-financeOndo (ONDO) $ 0.998394
  • pi-networkPi Network (PI) $ 0.382104
  • internet-computerInternet Computer (ICP) $ 5.44
  • jito-staked-solJito Staked SOL (JITOSOL) $ 229.52
  • binance-peg-wethBinance-Peg WETH (WETH) $ 4,405.57
  • arbitrumArbitrum (ARB) $ 0.485939
  • blackrock-usd-institutional-digital-liquidity-fundBlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00
  • kaspaKaspa (KAS) $ 0.089773
  • algorandAlgorand (ALGO) $ 0.260112
  • okbOKB (OKB) $ 106.39
  • usd1-wlfiUSD1 (USD1) $ 0.999346
  • polygon-ecosystem-tokenPOL (ex-MATIC) (POL) $ 0.236263
  • gatechain-tokenGate (GT) $ 17.73
  • cosmosCosmos Hub (ATOM) $ 4.56
  • vechainVeChain (VET) $ 0.024625
  • pudgy-penguinsPudgy Penguins (PENGU) $ 0.033025
  • rocket-pool-ethRocket Pool ETH (RETH) $ 5,017.01
  • render-tokenRender (RENDER) $ 3.93
  • fasttokenFasttoken (FTN) $ 4.57
  • binance-staked-solBinance Staked SOL (BNSOL) $ 200.50
  • susdssUSDS (SUSDS) $ 1.06
  • sei-networkSei (SEI) $ 0.322581
  • kelp-dao-restaked-ethKelp DAO Restaked ETH (RSETH) $ 4,621.59
  • bonkBonk (BONK) $ 0.000024
  • worldcoin-wldWorldcoin (WLD) $ 0.990292
  • fetch-aiArtificial Superintelligence Alliance (FET) $ 0.703319
  • official-trumpOfficial Trump (TRUMP) $ 9.15
  • jupiter-perpetuals-liquidity-provider-tokenJupiter Perpetuals Liquidity Provider Token (JLP) $ 5.26
  • flare-networksFlare (FLR) $ 0.024667
  • story-2Story (IP) $ 5.75
  • kucoin-sharesKuCoin (KCS) $ 13.57
  • filecoinFilecoin (FIL) $ 2.51
  • stakewise-v3-osethStakeWise Staked ETH (OSETH) $ 4,631.74
  • usdt0USDT0 (USDT0) $ 1.00
  • liquid-staked-ethereumLiquid Staked ETH (LSETH) $ 4,772.07
  • skySky (SKY) $ 0.075071
  • lombard-staked-btcLombard Staked BTC (LBTC) $ 117,839.00
  • jupiter-exchange-solanaJupiter (JUP) $ 0.513132
  • usdtbUSDtb (USDTB) $ 1.00
  • mantle-staked-etherMantle Staked Ether (METH) $ 4,722.13
  • injective-protocolInjective (INJ) $ 14.45
  • xdce-crowd-saleXDC Network (XDC) $ 0.085652
  • kinetic-staked-hypeKinetiq Staked HYPE (KHYPE) $ 46.71
  • spx6900SPX6900 (SPX) $ 1.47
  • celestiaCelestia (TIA) $ 1.83
  • nexoNEXO (NEXO) $ 1.35
  • falcon-financeFalcon USD (USDF) $ 0.999845
  • hash-2Provenance Blockchain (HASH) $ 0.027677
  • renzo-restaked-ethRenzo Restaked ETH (EZETH) $ 4,647.68
  • polygon-bridged-usdt-polygonPolygon Bridged USDT (Polygon) (USDT) $ 1.00
  • first-digital-usdFirst Digital USD (FDUSD) $ 0.997458
  • blockstackStacks (STX) $ 0.715500
  • optimismOptimism (OP) $ 0.731743
  • tether-goldTether Gold (XAUT) $ 3,339.01
  • lido-daoLido DAO (LDO) $ 1.39
  • solv-btcSolv Protocol BTC (SOLVBTC) $ 117,776.00
  • curve-dao-tokenCurve DAO (CRV) $ 0.865045
  • paypal-usdPayPal USD (PYUSD) $ 0.999793
  • pump-funPump.fun (PUMP) $ 0.003375
  • aerodrome-financeAerodrome Finance (AERO) $ 1.35
  • wbnbWrapped BNB (WBNB) $ 832.84
  • jupiter-staked-solJupiter Staked SOL (JUPSOL) $ 211.95
  • immutable-xImmutable (IMX) $ 0.579487
  • saros-financeSaros (SAROS) $ 0.405679
  • flokiFLOKI (FLOKI) $ 0.000106
  • binance-bridged-usdc-bnb-smart-chainBinance Bridged USDC (BNB Smart Chain) (USDC) $ 0.999653
  • syrupusdcSyrupUSDC (SYRUPUSDC) $ 1.12
  • the-graphThe Graph (GRT) $ 0.094470
  • super-oethSuper OETH (SUPEROETH) $ 4,406.58
  • sonic-3Sonic (S) $ 0.301765
  • arbitrum-bridged-wbtc-arbitrum-oneArbitrum Bridged WBTC (Arbitrum One) (WBTC) $ 117,638.00
  • raydiumRaydium (RAY) $ 3.59
  • pax-goldPAX Gold (PAXG) $ 3,330.63
  • pancakeswap-tokenPancakeSwap (CAKE) $ 2.72
  • fartcoinFartcoin (FARTCOIN) $ 0.932018
  • conflux-tokenConflux (CFX) $ 0.177654
  • clbtcclBTC (CLBTC) $ 118,013.00
  • pendlePendle (PENDLE) $ 5.40
  • kaiaKaia (KAIA) $ 0.153571
  • tezosTezos (XTZ) $ 0.843440
  • dogwifcoindogwifhat (WIF) $ 0.878744
  • l2-standard-bridged-weth-baseL2 Standard Bridged WETH (Base) (WETH) $ 4,405.07
  • msolMarinade Staked SOL (MSOL) $ 246.58
  • ethereum-name-serviceEthereum Name Service (ENS) $ 26.19
  • cgeth-hashkey-cloudcgETH Hashkey Cloud (CGETH.HASH) $ 4,259.29
  • theta-tokenTheta Network (THETA) $ 0.851787
  • iotaIOTA (IOTA) $ 0.207431
  • vaultaVaulta (A) $ 0.510476
  • jasmycoinJasmyCoin (JASMY) $ 0.016369
  • galaGALA (GALA) $ 0.017287
  • ether-fi-staked-ethether.fi Staked ETH (EETH) $ 4,393.83
  • virtual-protocolVirtuals Protocol (VIRTUAL) $ 1.19
  • the-sandboxThe Sandbox (SAND) $ 0.296564
  • mantle-restaked-ethMantle Restaked ETH (CMETH) $ 4,731.54
  • pyth-networkPyth Network (PYTH) $ 0.123477
  • ousgOUSG (OUSG) $ 112.20
  • memecoreMemeCore (M) $ 0.412760
  • tbtctBTC (TBTC) $ 117,621.00
  • stader-ethxStader ETHx (ETHX) $ 4,693.05
  • usdx-money-usdxStables Labs USDX (USDX) $ 0.997730
  • ondo-us-dollar-yieldOndo US Dollar Yield (USDY) $ 1.07
  • bittorrentBitTorrent (BTT) $ 0.00000068
  • ripple-usdRipple USD (RLUSD) $ 0.999840
  • vision-3Vision (VSN) $ 0.200863
  • arbitrum-bridged-weth-arbitrum-oneArbitrum Bridged WETH (Arbitrum One) (WETH) $ 4,407.74
  • morphoMorpho (MORPHO) $ 1.98
  • jito-governance-tokenJito (JTO) $ 1.77
  • coinbase-wrapped-staked-ethCoinbase Wrapped Staked ETH (CBETH) $ 4,849.33
  • flowFlow (FLOW) $ 0.395708
  • newton-projectAB (AB) $ 0.008631
  • walrus-2Walrus (WAL) $ 0.432471
  • zcashZcash (ZEC) $ 36.70
  • binance-peg-dogecoinBinance-Peg Dogecoin (DOGE) $ 0.229190
  • swethSwell Ethereum (SWETH) $ 4,750.41
  • usual-usdUsual USD (USD0) $ 0.999130
  • bitcoin-avalanche-bridged-btc-bAvalanche Bridged BTC (Avalanche) (BTC.B) $ 117,706.00
  • decentralandDecentraland (MANA) $ 0.296613
  • keetaKeeta (KTA) $ 1.36
  • bitcoin-svBitcoin SV (BSV) $ 27.78
  • reserve-rights-tokenReserve Rights (RSR) $ 0.009187
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  • starknetStarknet (STRK) $ 0.139060
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  • solv-protocol-solvbtc-bbnSolv Protocol Staked BTC (XSOLVBTC) $ 116,661.00
  • beldexBeldex (BDX) $ 0.072895
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  • frax-etherFrax Ether (FRXETH) $ 4,387.17
  • usddUSDD (USDD) $ 1.00
  • apecoinApeCoin (APE) $ 0.621226
  • coredaoorgCore (CORE) $ 0.490841
  • polygon-pos-bridged-weth-polygon-posPolygon PoS Bridged WETH (Polygon POS) (WETH) $ 4,403.68
  • true-usdTrueUSD (TUSD) $ 0.999089
  • heliumHelium (HNT) $ 2.64
  • ether-fiEther.fi (ETHFI) $ 1.15
  • syrupMaple Finance (SYRUP) $ 0.433214
  • thorchainTHORChain (RUNE) $ 1.37
  • arweaveArweave (AR) $ 7.31
  • aioz-networkAIOZ Network (AIOZ) $ 0.396198
  • apenftAPENFT (NFT) $ 0.00000047
  • tripTrip (TRIP) $ 15.64
  • instadappFluid (FLUID) $ 6.90
  • mog-coinMog Coin (MOG) $ 0.000001
  • zksyncZKsync (ZK) $ 0.063381
  • sun-tokenSun Token (SUN) $ 0.023604
  • compound-governance-tokenCompound (COMP) $ 47.83
  • neoNEO (NEO) $ 6.34
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  • superfarmSuperVerse (SUPER) $ 0.710031
  • elrond-erd-2MultiversX (EGLD) $ 15.25
  • eigenlayerEigenCloud (prev. EigenLayer) (EIGEN) $ 1.35
  • polygon-pos-bridged-dai-polygon-posPolygon PoS Bridged DAI (Polygon POS) (DAI) $ 0.999874

Bitcoin Network Activity Dives To 3,760, Marking A One-Year Low; Index Down 15% Since November

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Bitcoin Network Activity Dives To 3,760, Marking A One-Year Low; Index Down 15% Since November

The CryptoQuant Network Activity Index for Bitcoin has dropped by 15% since its peak in November 2024, which is the lowest level in over a year. The index is now 3,760, hence its weakest performance since February 2024.

Reduced RUNES Protocol Usage and Transactions

Most of the sharp decrease in activity can be blamed on a major drop in Bitcoin transactions. From the September 2024 historical peak of 734,000 daily transactions are now at 346,000; this represents a sharp drop of 53%.

One of the main reasons for this is the reduced activity of RUNES protocol which otherwise has seen a lot of activity since inception in April 2024. Initially, it caused a surge in usage, it was first used for minting and moving tokens via OP RETURN codes, with daily OP RETURN usage hitting 802,000. The number has sunk to only 10,000, however, indicating a dramatic drop in token-driven operations on the Bitcoin network.

Near-empty Mempool Underscores Network Slowdown

The slowdown is also visible in the Bitcoin mempool, which tracks unconfirmed transactions waiting to be added to the blockchain. There are 3k transactions in the mempool, down from 287k in December 2024, a 99% reduction. We haven’t seen numbers this low since March 2022, so it’s a significant drop-off in overall network usage.”

Implications for Bitcoin’s Fair Value

With network usage this low, Bitcoin’s current price of $99,000 might be inflated. The slowdown suggests the cryptocurrency could be overvalued, as its activity levels no longer align with its market price. Thus the Metcalfe Valuation Bands show fair value between $48,000 and $95,000 so the price does seem inflated based on activity-based value.

The diminished network activity could suggest a transitory adjustment period for the token as the system starts to respond to decreasing interest in protocols like RUNES. As an indicator of the token’s underlying strength, investors will probably monitor network activity trends.

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