may indicate that Bitcoin might be about to switch gears in favor of the bulls. However, does this outcome align with the ongoing on-chain characteristics? Well, BTC exchange inflows have levelled out considerably since Wednesday after previously dropping over the last 3 days of October.The pace of BTC exchange outflows have also seen a dip, especially since the start of November. This confirms the state of relative dormancy in the market as volatility dies down.
A similar outcome was seen in the derivatives market. Bitcoin Futures perpetual funding rate has been oscillating within a tighter range, with smaller movements. This seemed to confirm a drop in demand within the derivatives market.Bitcoin [BTC] has managed to sustain a significant level of trading activity over the last 3 days, despite an observed dormancy. Nonetheless, trading activity did take a hit and this is evident by the drop in both sending and receiving addresses.
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