Tracking Bitcoin's transfer volumes gives us insight into the network's economic activity, revealing heightened market participation during bull runs or downturns. Glassnode's entity-adjusted metric filters out internal transactions, providing a clearer view of genuine market movements. On March 15, Bitcoin's transfer volume hit an all-time high of $13.670 billion, coinciding with its peak price two days prior. However, since mid-March, the market has cooled off, with transfer volumes struggling to surpass $7.5 billion. As Bitcoin's price remains range-bound between $60,000 and $65,000, spot volumes have also seen a notable decline. But what lies behind this stagnation, and what could be the crucial trigger to... [Subscribe to CryptoSlate Alpha to discover the key drivers that could spark Bitcoin's next big move.]
Market in wait-and-see mode as Bitcoin volumes stagnate Market in wait-and-see mode as Bitcoin volumes stagnate
Bitcoin's transfer volumes remain subdued, reflecting broader market indecision and consolidation
3 min read
Updated: Jul. 4, 2024 at 1:10 am UTC
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
