As a seasoned researcher with years of experience observing and analyzing market trends, I find the recent data from Glassnode on Bitcoin to be quite intriguing. The declining exchange-related on-chain volumes suggest a cautious approach among investors, which is a trend I’ve seen many times before in various markets.
Recent on-chain data from Glassnode reveals that Bitcoin (BTC) investors are expressing doubts about the cryptocurrency’s short-term prospects.
The decrease in trading volumes related to exchanges mirrors a sense of caution among market players, suggesting they are treading carefully.
According to a recent tweet from Glassnode, short-term Bitcoin investors show hesitation, as trading volumes linked to exchanges have started to decrease.
The competitiveness of the Mining landscape and their conviction in the #Bitcoin Network continues to rise, with the Hash Rate blasting towards new ATHs.
However, investors remain unconvinced in the short term, with exchange-related onchain volumes beginning to languish.…
— glassnode (@glassnode) September 10, 2024
Simultaneously, major trading platforms remain the primary hubs for speculative activities and determining prices. Consequently, examining the combined trading volumes from these platforms offers a useful insight into investor behavior and their interest in speculation.
Based on Glassnode’s analysis, the flow of Bitcoin entering or leaving exchanges over a 30-day and 365-day period shows that monthly transactions have dropped significantly compared to yearly ones. This suggests a decrease in investor interest and reduced trading by speculators in the current Bitcoin price range.
Bitcoin network faces settlement slowdown, albeit hashrate surging
This decrease in transactions occurs simultaneously with a reduction in the pace at which bitcoin network is finalizing agreements. At present, the bitcoin network handles approximately $6.2 billion in daily transaction value.
On the other hand, the number of transactions is gradually decreasing towards its annual norm, implying a noticeable decrease in network activity and data flow. In summary, this trend is generally unfavorable.
Over the past 90 days, there’s been a rise in the number of investors opting to sell rather than buy, as indicated by the CVD indicator. This additional selling pressure has contributed to the existing downward trend in market prices.
Although statistics suggest a bearish trend in Bitcoin (BTC), Glassnode observes that the Bitcoin Hash Rate is swiftly moving towards fresh all-time highs. This rapid approach is due to the intensifying competition among miners and their growing faith in the robustness of the Bitcoin network.
At the time of writing, BTC was down 1.21% in the last 24 hours to $56,119.
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2024-09-11 19:34