Bitcoin and cryptocurrency While economic data and FOMC minutes from the USA are awaited in the market these days glassnodeAn important report came from .
Pointing out that both on-chain and off-chain volumes in the cryptocurrency market have reached historical low levels, Glassnode said that there is a serious liquidity shortage.
At this point, Glassnode analysts compare the liquidity shortage to the pre-2020 bull period due to low volumes. “extreme apathy and boredom best describe the current market sentiment.” he stated.
“After seeing significant net capital inflows as 2023 began, Bitcoin and Ethereum have been seeing a return to neutral or negative inflows in the last few months.
In conclusion, it can be said that extreme apathy and boredom best describe the prevailing emotion.”
“Voltility Continues to Remain Low!”
Glassnode analysts stated that despite the sharp decline in August and the increase in volatility following Grayscale’s positive court decision against the SEC, the realized volatility remained quite low.
“While at this point the market is still facing historically low volatility, this is often a harbinger of increased volatility in the future.”
Glassnode also, ‘Bitcoin’He stated that while the profit and loss statement of long-term investors in Turkey continues to remain stable, short-term investors face significant unrealized losses.
“The supply held by Long-Term Investors reached a new ATH of 14.74 million BTC.
In contrast, the supply held by the Short-Term Investor group, which represents the more active part of the market, fell to the lowest supply level since 2011.
Additionally, while long-term investors remain resilient to the price, the majority of short-term investors are taking unrealized losses against BTC’s $26,000 price.”
Bitcoin It is trading at $26,190 at the time of writing after the announced US inflation data.
*This is not investment advice.
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