Despite the significant rise in Bitcoin’s price, approaching $110,000 today, June 11, indicators show that actual network activity does not reflect this momentum.
According to a recent analysis from CryptoQuant, the crypto market is experiencing a clear stagnation, with a significant decline in trading activity on the network and on centralized exchanges.
The Bitcoin Network Activity Index (BNVI) fell to 3,470, its lowest level in 18 months.
Retail activity also contracted by more than 5%, with small transactions under $10,000 declining.
Similarly, spot trading volume hit its lowest levels since October 2020.
Despite this stagnation, supply data shows that 847,200 BTC have moved into long-term wallets, indicating accumulation behavior similar to that seen in late 2024.
These coins have not moved for more than 155 days, reflecting growing confidence among long-term investors.
In the derivatives market, Ethereum stands out as the most active asset.
Open interest in Ethereum futures reached a record high of 7.17 million tokens, with trading volume above the annual average, particularly among retail traders.
This data shows a decline in activity in spot markets, while speculation in futures contracts has increased.
While the Bitcoin network appears static on the surface, deeper metrics point to a period of accumulation and waiting that could precede a significant price movement.
