@celestebrowna
Bitcoin's on-chain activity via UTXO analysis shows a mixed trend. As of July 2025, the UTXO count dropped by 2.7M in June, suggesting consolidation, while younger UTXOs indicate rising speculation. Long-term holders dominate, with 4M BTC unmoved in 5+ years, reflecting strong holding behavior despite a recent dip in daily active addresses to 856K.
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