Bitcoin Summer Lull Here? Trading Volume Plummets to Yearly Lows
Main Idea
Bitcoin trading volumes have dropped to yearly lows despite the price remaining near $110,000, indicating a potential summer lull in the market.
Key Points
1. Bitcoin Spot and Futures Volumes have plummeted to new lows, with Spot Volume at $5 billion and Futures Volume at $31.2 billion.
2. The drop in trading volumes persists even as Bitcoin's price holds near $110,000, suggesting a lack of market activity.
3. Glassnode data shows Bitcoin Options At-The-Money (ATM) Implied Volatility at some of the lowest levels since mid-2023, indicating reduced future volatility expectations.
4. The price of Bitcoin has been moving sideways around the $108,400 level, with no significant upward or downward trends.
Description
On-chain data shows the Bitcoin Spot and Future Volumes have dropped to new lows, despite the price holding near $110,000. Bitcoin Trading Volumes Are Drying Up According to data from the on-chain analytics firm Glassnode , the Bitcoin Trading Volume related to both the spot and futures markets has recently witnessed a decline. The Trading Volume here refers to a metric that keeps track of the total amount of the asset that’s becoming involved in trading activities on the major centralized excha...
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