Markets have hardly moved over the past week, and volatility is at record lows. The Bitcoin market has reached a stage of “extreme apathy and exhaustion,” it said before adding that volatility and several key on-chain indicators are reaching all-time-low readings.
nvestors are reaching an all-time low in “willingness to spend coins on-chain,” the report noted.
Moreover, the sluggish inflows could be compounded by the fact a large majority of the Bitcoin market is still underwater on their holdings, it said. This could create further resistance throughout the recovery. It added that the supply held by long-term holders continues to increase, hitting a peak of 14.6 million BTC. Conversely, short-term holder supply has fallen to a multi-year low of 2.56 million BTC,
On the bright side, crypto markets are still up 46% since the beginning of the year and have moved off the bear cycle bottom, so it’s not all doom and gloom.
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