Decoding current state of Bitcoin [BTC] amid the decline in number of large transactions
Miners net position changed and difficulty declined.
According to data provided by glassnode, the number of large transactions, which accounted for a majority of the overall transactions on the Bitcoin network, declined after the FTX debacle.In November, transactions over $10 million made up a significant portion of the overall volume of transactions, comprising 42.8% of the total transaction volume.
This shift in the distribution of Bitcoin holdings could be a sign of increased interest from smaller investors, who may be more likely to hold smaller amounts of the cryptocurrency.The declining number of large transactions, however, did not have a negative impact on the state of miners.
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