Bitcoin on-chain activity has fallen into the red after the infamous LUNA collapse. The collapse had no doubt reduced faith in the cryptocurrency market and has seen investors significantly reduce their activity in the space. This has led to losses across the board for miners as fee revenues, transaction volumes, and transaction values have all plummeted, all of which have seen daily miner revenues fall towards yearly lows. Bitcoin On-Chain Activity Declines The previous week had seen on-chain activity ramp up during the height of the LUNA collapse. Mostly, this had been to investors scrambling to move their coins to avoid being affected by the downtrend that followed. As well as exchanges needing to restructure their bitcoin wallets following the carnage which had seen activity rise. Related Reading | Eight Consecutive Red Closes: Is Bitcoin Headed For A Recovery? Due to this, there had been a significant jump in the transaction volumes as well as the average transaction. Although this did not translate to more revenue for miners, recording a 21.85% fall from the prior week. Miner revenues were even worse last week following the LUNA crash. It recorded an additional 7.95% loss that brought daily revenues to $25.5 million. The last time revenues were this low had been in July of 2021. Mining difficulty reaches all-time high | Source: Arcane Research With the market settling from the crash and the exchange wallet rest...
