Journalist
Posted:
- Demand for Aptos has declined over the past month.
- APT’s open interest has fallen significantly since early November.
On-chain data has revealed a steady decline in Aptos’ revenue. [APT] network activity over the past month.
Dates of Artemis showed that key ecosystem metrics, including total number of transactions, active addresses, and transaction volume, have all trended downward over the past thirty days.
According to the data provider, the number of unique wallet addresses that completed at least one transaction on the Layer 1 (L1) network totaled 51,220 as of November 16.
This represented a 92% decline from the 613,890 daily active addresses Aptos recorded a month ago.
Source: Artemis
Due to the decrease in the number of daily active addresses in the chain, the daily number of transactions on Aptos also decreased. During the reporting period, the total number of daily transactions recorded on the chain fell by 84%.
Furthermore, the total value of Aptos’ network (TVL), which recently rose to an all-time high, has witnessed a decline in the past few days. Dates of DefiLlama showed that on November 7, the blockchain’s TVL increased to $77 million.
However, a day later it initiated a decline, which at the time of writing was below $65 million.
Between November 7 and the time of writing, Aptos’ TVL has fallen 17%.
APT has not been spared from the decline
The general decline in demand for Aptos over the past month has also impacted the performance of its native coin APT.
Although the price benefited from the general market rally and posted double-digit gains last month, accumulation continued to decline steadily.
The currency’s Relative Strength Index (RSI), observed on a daily chart, stood at 48.35 at the time of writing. The RSI, stationed below the center line and positioned in a downtrend, showed that the volume of APT distribution among the coin’s daily traders exceeded its accumulation.
Similarly, the Chaikin Money Flow (CMF), now approaching negative territory, has steadily declined over the past week. The decline in the CMF indicated a continued decline in liquidity in the APT spot market.
Source: APT/USDT on TradingView
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In the coin futures market, open interest on crypto exchanges fell to a 30-day low on November 17. It peaked at $129 million at the beginning of the month before starting to decline.
This showed that due to the demand for the alt-craters, futures market participants have increasingly exited their trading positions.
Source: Coinglass