On-chain data shows that the current market cycle is unique, with more Bitcoin users trading peer-to-peer and outside the exchanges space.

Bitcoin Utility Grows in Bear Market

One of the key aspects of on-chain analysis is examining transactions on the network. Unlike exchange-related transactions, which often lead to price volatility, non-exchange transactions represent network utility as possible payments between users. The interaction of users with each other contributes positively to the development of the network in the long run. Therefore, it is essential to study transaction behavior over the network.

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