After Bitcoin reached $ 9,400, there was an incredible increase in transaction fees, while the transaction volume was the opposite. While the average transaction fee of Bitcoin exceeded $ 2, the transaction volume fell to the lowest level seen since March 2020, namely 1.366 BTC, according to data transmitted by Glassnode.
The relevant indicator last increased on the 30th of April, the day corresponding to the rise of BTC, and increased from 1.5 BTC to about 4 BTC. However, after April 30, it was seen that instead of making BTC transactions, people now pull their assets into their wallets to hold them until Halving.
Bitcoin Halving’s Expectation Is Increasing
This is also known as one of the reasons behind the decrease in the amount of BTC in crypto exchanges. The price correction but still being close to $ 9,000 level and less than 10 days to Bitcoin Halving made people prefer to wait. This is not bad, on the contrary, it can be interpreted as a positive development, which shows that more people are in expectation of Halving.