Bitcoin's Transaction Count Nears Record High Amid Price Drop

Bitcoin's price drop to $60k has been accompanied by significant changes in the cryptocurrency's fundamental indicators. According to data from CryptoQuant, the 30-day moving average of the transaction count is close to setting a historical record at around 640,000 transactions per day.

This high transaction count is unusual for this cycle and may indicate a change of hands, which can be a significant event in Bitcoin's history. The analyst pointed out that high transaction counts tend to come alongside strongly bullish phases or market tops, but in this case, it coincides with falling prices and capital outflows.

Additionally, miner profit margins have taken a dramatic nosedive, from 98% to 47%, and the daily hashrate has fallen by 33% in three weeks. The miner inflows to exchanges spiked, indicating pressure on the market. Analysts warn that the cascading sell pressure has not yet halted, and a definitive market bottom might not be reached yet.