Bitcoin's network activity has reached its lowest level in a year, causing its fair value to be between $48,000 and $95,000, according to CryptoQuant. The decline in activity is due to a decrease in the number of transactions, primarily driven by reduced use of the Runes protocol for token minting on Bitcoin. The daily number of OP_RETURN codes used in transactions has dropped significantly. Additionally, unconfirmed transactions in Bitcoin's mempool have decreased by 99%. Despite this decline, Bitfinex believes that Bitcoin remains resilient and outperformed the broader crypto market in January.



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