Glassnode, a cryptocurrency on-chain data analysis company, said in a weekly on-chain report, “Recently, the on-chain transaction volume on the Bitcoin network has declined sharply, and the transaction throughput has also decreased. This can be interpreted as sluggish new demand inflow, but It means existing holders are adopting a 'hold long' strategy." “Despite extreme volatility and deleveraging in the market over the past two years, BTC holders’ willingness to ‘hold long’ remains strong,” the report said