[Bitcoin On-Chain Activity at Historic Lows, Only 3.8 Million BTC Transferred in the Past 180 Days] According to The Block citing K33 Research, Bitcoin on-chain activity is at one of the lowest levels on record, with only 3.8 million BTC transferred in the past 180 days. K33 stated that the unusually low activity indicates that as Bitcoin shows signs of having passed the cycle bottom, selling pressure is diminishing.