Major cryptocurrencies slumped Monday night with the rout denting global cryptocurrency market capitalization by 14.5% to $1.27 trillion.

What Happened: The apex cryptocurrency, Bitcoin (CRYPTO: BTC), traded 7.6% lower at $32,578.56 over 24 hours at press time. BTC is down 18.81% over a seven-day trailing period.

Ethereum (CRYPTO: ETH) traded 11.65% lower at $1,945.41 over 24 hours. ETH was in the red 25.23% for the week.

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Dogecoin (DOGE) was down 27.9% at $0.196 at press time. The Shiba Inu-themed coin has plunged 40.08% over seven days.

XRP (CRYPTO: XRP), Polkadot (CRYPTO: DOT), and Cardano (ADA) also traded in the red at press time over 24 hours. XRP was down 16.48% at $0.62, DOT fell 19.6% to $16.19, and ADA traded 13.22% lower at $1.22.

There were virtually no gainers over 24 hours with the Ethereum-based stablecoin Dai (CRYPTO: DAI) the only coin trading in the green, up a measly 0.03% at $1, as per CoinMarketCap data.

Why It Matters: Most major cryptocurrencies have sharply reversed course since they hit their all-time highs. BTC is down 49.68% from an all-time high of $64,863.10, ETH has fallen 55.47% since it hit $4,362.35 last month, and DOGE has slumped a massive 73.37% from the heady highs of $0.74 in May.

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On-chain activity across the board is “remarkably low” across both Bitcoin and Ethereum, as per Glassnode.

According to Glassnode, the total transfer volume is touching levels seen in 2021 and early 2021. Bitcoin active addresses fell 24% from a sustained peak of 1.16 million from March to early May. Current active addresses number 884,000, a level since the same time last year. 

The fall in Ethereum active addresses is even greater at 30%. The current activity of 474,000 active addresses/day was last seen in the quarter ended March.

The on-chain data analytics firm also pointed to multiple regions enforcing bans on the industry in China.

“As the Chinese mining industry comes to grips with the logistical challenges of relocating, migrating or selling their hardware and facilities, some are likely to liquidate a portion of their accumulated BTC treasuries,” as per Glassnode.

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