The cryptocurrency analytics company Alphractal has analyzed the reasons why on-chain activity remains lower than expected despite Bitcoin's price fluctuating above $95,000. According to the company's report, despite the optimistic market atmosphere, trading volume and the number of active addresses remain at record lows.

According to Alphractal's findings, there are seven main reasons for this situation:

1️⃣ Prices are determined by external factors rather than on-chain usage levels: The current price of Bitcoin is driven by external factors such as institutional capital flowing into spot ETFs rather than actual on-chain usage.

2️⃣ Low volatility: Low volatility reduces the trading momentum of traders, leading to a decline in on-chain transactions.

3️⃣ Artificial stock market volume: Exaggerated trading volumes on some exchanges can mask the actual level of usage on the network.

4️⃣ Limited real demand: Bitcoin's price is mainly maintained through derivatives and speculation rather than daily usage on-chain.

5️⃣ The market is in a consolidation phase: Investors tend to wait for macroeconomic developments or clear signals. This limits the volatility of the currency.

6️⃣ Popularity of Level 2 solutions: Layer 2 solutions like the Lightning Network are moving transactions off-chain, making activity on the main network appear low.

7️⃣ Shifting speculative activities to other networks: Networks like Ethereum, Solana, and Base are attracting intensive trading activities such as DeFi, staking, and memecoins, causing the dynamism on Bitcoin's main chain to decrease.

Alphractal claims that the current situation shows Bitcoin is starting to be seen as a 'financial asset' rather than a 'blockchain technology'. This indicates that the link between on-chain usage and pricing is gradually weakening.