Trading volumes have softened, emphasizing investors’ preference to accumulate and HODL coins.has traded in a narrow trading range of $30,000-$31,000. The stagnation has lowered investors’ enthusiasm and raised questions on the sustainability of last month’s market rise, built on growing institutional interest in crypto assets.However, this extended lull in trading activity could soon give way to a period of volatility.
Glassnode underlined that with just about 5.6% of the total trading hours recording a narrower range than this value, there was a likelihood for a big move for BTC in either direction in the days to come.On-chain transfer volume is the total number of coins transferred in successful transactions. This number decreased significantly since the euphoria seen during the start of last month’s market rally.
Combining this with the falling exchange inflows, it was evident that trading volumes have softened. This emphasized investors’ preference to accumulate and HODL coins.published by AMBCrypto, it was highlighted how the market had entered a stage of equilibrium. This phase, also known as the ‘re-accumulation period’, has historically followed recovery from the lows of a bear market. Additionally, the market has conformed to a sideways trend for extended periods of time.
The Net Unrealized Profit/Loss metric backed up these deductions. This indicator gauges if the network as a whole is currently in a state of profit or loss. At the time of publication, the reading of the metric was 0.33, which as per Glassnode, was the lower bound of the equilibrium phase.However, the phase could witness a disturbance given the low volatility and narrow trading ranges.High-profile investors like Elon Musk’s Tesla have also not given up on its BTC holdings. In its, the EV giant revealed that it continued to hold about $184 million worth of BTC on its balance sheet.
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