Bitcoin investors are skeptical about short-term prospects due to declining volumes and sell pressure

From Investing.com
September 11, 2024 5:00:25 PM:

Recent on-chain data from Glassnode reveals that Bitcoin investors are skeptical about the cryptocurrency’s short-term prospects, with declining exchange-related on-chain volumes showing caution among market participants. Centralized exchanges remain crucial for speculation, but a drop in investor demand and trading by speculators is evident in current BTC price ranges.

The monthly average exchange-related volume has fallen significantly below the yearly average, indicating decreased investor demand and trading by speculators. This coincides with a settlement slowdown on the Bitcoin network, which is processing around $6.2 billion daily. The cooling settlement volume suggests reduced network usage, a negative observation overall.

The CVD indicator shows an increase in investor sell pressure in the spot market over the last 90 days, contributing to the downward price trend. Despite bearish BTC metrics, Glassnode highlights the Bitcoin Hash Rate nearing new ATHs, reflecting mining competitiveness and conviction in the network’s future.

BTC is down 1.21% in the last 24 hours, trading at $56,119. The combination of declining exchange-related volumes, settlement slowdown on the Bitcoin network, and increased sell pressure points to short-term doubt among Bitcoin investors.

Read more at Investing.com: Bitcoin (BTC) Investors Show Doubt in Short-Term Outlook: Report By U.Today