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The Bitcoin network seems like a ghost town, with its activities falling to the lowest level in a year. A Bitcoin Network Activity Index from the market analytics platform CryptoQuant hovers around 3,760, the lowest since February 2024, indicating that activity on the leading blockchain has plunged 15% since its November 2024 record high. According to a weekly CryptoQuant report, the index measures the growth in key Bitcoin metrics like block size, active addresses, and number of transactions. This means the decline in Bitcoin activity encompasses almost all areas of the network. Notably, the index has fallen below its 365-day moving average for the first time since July 2021, when China banned Bitcoin mining. Bitcoin Network Activity Declines Examining different parts of the Bitcoin network reveals a steep decline in their activities. The number of active addresses and transactions has fallen by double digits. The total daily number of transactions has tumbled 53% from an all-time high of 734,000 in September 2024 to 346,000 currently, the lowest level since March 2024. Likewise, the number of active addresses on Bitcoin has fallen 20% from 1.14 million in November 2023 to 942,000 today, the lowest level since October 2024. Bitcoin miners are also feeling the heat because total transaction fees have declined due to low network activity. Total daily transaction fees are $593,000, compared to late October 2024, when $4.7 million was the local top for fees. Transaction fees now represent 1.8% of total revenue for Bitcoin miners, indicating lower profitability for this cohort of market participants. BTC Appears Overvalued Furthermore, the low network activity is also evident in the almost empty Bitcoin mempool. The number of transactions waiting to be included in a block has fallen 99% from 287,000 in December 2024 to 3,000 currently. CryptoQuant says the mempool has not been this empty since March 2022, during the last bear market. Besides the nearly empty mempool, the Bitcoin network has witnessed a collapse in the use of the Runes protocol. Runes was created for minting tokens on the Bitcoin network, and when the protocol was launched in April 2024, the daily number of OP RETURN codes spiked to 802,000. However, that figure has fallen to 10,000 today, indicating that much fewer OP RETURN codes are used in Bitcoin transactions. Meanwhile, from a network activity perspective, bitcoin (BTC) appears overvalued at its current price of $97,000. The red and blue Metcalfe valuation bands show that the asset’s fair value is between $48,000 and $95,000. The post Bitcoin Network Activity Plunges to Yearly Lows as BTC Struggles Below $100K: CryptoQuant appeared first on CryptoPotato.

Elon Musk’s government-cutting machine, the Department of Government Efficiency (D.O.G.E), is pushing the US economy into dangerous territory. Within the first two weeks of its existence, D.O.G.E announced it could slash 20% of the annual $1.8 trillion deficit. And that’s where the problem’s at. You see, when you do the math, you realize that Elon’s planned spending cuts could shrink US GDP by 9.4%, a drop worse than the 2008 recession, and that would be a massive disaster, one that will almost certainly push the economy into a depression. If Elon’s daily cuts reach $2 billion, inflation could decline, but GDP would collapse. Reducing federal spending by $1.8 trillion in one year would cut GDP by $2.8 trillion, or 9.4%. The Great Recession of 2008 only saw a 4% drop. Millions of jobs (both government and private) would vanish. Bankruptcies would surge and industries dependent on federal contracts would crumble. The worst-case scenario? A depression larger than anything since the 1930s. But the US has few options left. If the government keeps spending $2 trillion annually on borrowed money, inflation and debt will continue to spiral. Without that spending, the economy won’t function “normally.” How alarming is that? National debt increases by $12 trillion in five years From 2020 to 2023, US debt surged by $10 trillion, with total debt ballooning past $35 trillion. For perspective, the US took 221 years to rack up its first $12 trillion in debt. But thanks to years of reckless spending by the Biden administration via USAID, the same amount of money was added in just five years. The debt ceiling, suspended until late 2025, means the federal government can spend freely. And they have—adding over $12 trillion since 2020. Elon’s D.O.G.E is meant to reverse this. Treasury data shows that since the 2008 financial crisis, total US debt has soared by 360%. And as Elon sees it, unchecked deficit spending is dragging the US economy to the edge of collapse. One of the key issues is the flood of Treasury bonds being pumped into the market to fund federal spending. On day eight of D.O.G.E’s operations, Elon shared on X that $1 billion in daily savings had already been achieved. The Tesla CEO promised he could eventually get to $4 billion per day by 2026. By his estimates, that would reduce the projected $1.87 trillion deficit to just $410 billion—a 78% drop. Cutting down on office buildings, fraud, and blockchain proposals D.O.G.E is going after two of the government’s largest money pits: unused office space and fraudulent spending. Elon’s plan to cut up to two-thirds of federal office space comes at a critical time. Real estate prices for office buildings have already fallen more than 30% from their peak, and no major government agency currently uses more than 50% of its available space. With 511 million square feet of federal property, maintenance alone costs $76 billion per year. Factoring in other expenses, that’s over $100 billion annually—roughly 6% of the FY2024 deficit. But of course, a lot of people don’t agree with his method. Three weeks after D.O.G.E’s spending cuts began, Elon’s access to federal spending databases was blocked. Elon said, “When I asked if anyone at Treasury had a rough guess for what percentage of that number is unequivocal and obvious fraud, the consensus in the room was about half, so $50B/year or $1B/week!! This is utterly insane and must be addressed immediately.”

🚨 JUST IN: An Alabama man pleads guilty to hacking @SECGov X account to spread fake news of $BTC ETF approval! ⚠️ This fraudulent move shook the crypto world. What’s next for cybercrime in the crypto space? 💻🚨 #CryptoNews #SEC #Bitcoin #CyberCrime #Fraud #Blockchain

TODAY'S PRIME FOCUS: The future targets for⬇️ 🔮 $PYTH | PythNetwork [@PythNetwork ] For information only—Not investment advice. DYOR❗️ Find out the anticipated target for $PYTH in 2025 according to our analysts.👇

Tech giants are navigating a volatile earnings season, with Amazon, Alphabet, and MicroStrategy making headlines for their performance and strategy shifts. 🏢 📊