Data indicates that Bitcoin on-chain activity is at levels last seen before the cryptocurrency's run to all-time highs in 2021.

Ki Young Ju, CEO of analytics company CryptoQuant, highlighted multiyear lows in Bitcoin velocity in an X (previously Twitter) post on August 25.

Bitcoin's present price levels are becoming increasingly static - with no broad BTC price movement for months, the desire to buy or sell is diminished.

The velocity of Bitcoin units traveling throughout the network underscores this current quo.

According to CryptoQuant, the metric is now reaching levels last seen in October 2020 on daily timescales.

"There are two sides to this situation," Ki said. “It can be seen as positive since whales are holding onto it, or negative since it’s not being transferred to new investors.”

Ki mentioned a similar lack of substantial trading activity among high-volume investors, which is part of the narrative that the market is in "wait and see" mode on BTC.

Sources:

https://cointelegraph.com/news/bitcoin-velocity-lows-q4-2020-btc-price-breakout

https://twitter.com/ki_young_ju/status/1695156343227785705