Since January 2023, total on-chain BTC transfer volume has been steadily declining.

Even as prices rise, network activity has not recovered. Essentially, the current move is driven by FOMO, fueled by political support for Bitcoin in the U.S. the launch of ETFs, purchases by corporate treasuries and a strengthened positive narrative in the media from major KOLs.

People will continue to hold simply because they are waiting for higher prices at which they will feel compelled to sell.

HODL ✊