Bitcoin Utility Grows During The Bear Market Today

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One of the principal aspects of on-chain analysis is to examine transactions over the network. Unlike exchange-involved transactions, which often lead to price volatility, transactions outside of exchanges demonstrate the network utility as possible payments among users. It makes a positive contribution to the development of the network over the long term if users are interacting with one another. Therefore, it is essential to examine the transaction behavior over the network.

On-chain data shows that the current market cycle is unique, with more Bitcoiners transacting peer-to-peer and outside the realm of exchanges.

The recent spike of bitcoin inflows to exchanges make many worried, but does it adversely affect the entire network on the macro view? (source)