Bitcoin (BTC) recently made another all-time high in USD despite other metrics measuring the health of the network nearing all-time lows, according to Protos, which highlighted some of the poorest performance in: average transaction confirmation time, hashrate distribution, miners’ revenue as a percentage of the transaction volume, average transaction fees, and total number of unconfirmed transactions.
“Overall, the USD value of BTC is, at least on the surface, the most important valuation. Nevertheless, a variety of other metrics provide deeper insight into the health and decentralization of the underlying network. Unfortunately, several of these metrics are trending at lows while the price of BTC is attaining new highs,” wrote Protos.
Driving the rally has been a buying spree by new BTC treasury companies emulating Michael Saylor’s MicroStrategy (MSTR).
In the last month alone, copycats like Twenty One by Tether, Nakamoto by David Bailey’s BTC Inc., Strive by Vivek Ramaswamy, Méliuz by Israel Salmen, Nuvve by Gregory Poilasne, and many other new treasury companies have announced plans to acquire BTC. Large incumbents like MicroStrategy, MARA, and MetaPlanet have also continued to purchase more BTC on leverage.