While Bitcoin (BTC) continues to trade with a historically low volatility, it has been claimed that there is extreme apathy and fatigue between the $ 29 thousand and $ 30 thousand levels.
On-chain analytics platform Glassnode stated in its weekly report published on August 14 that Bitcoin continues to be traded in a historically low volatility. The platform emphasized that there are some signs that Bitcoin has reached saturation in the thousand-dollar range between $29 and $30 thousand.
Pointing out that there has been a total of 16 billion dollars of new capital inflow to Bitcoin this year, Glassnode stated that the capital flow occurred slower than in the period between 2021-2022.
In addition, it was stated that the investments made by short-term Bitcoin investors increased by 22 billion dollars since the beginning of the year, and on the other hand, the allocation allocated to Bitcoin by long-term investors decreased by 21 billion dollars. In this regard, it was underlined that short-term investors were more active and invested in the market, while it was suggested that long-term investors were not interested in selling their assets.
On the other hand, despite the lack of interest and saturation among investors and the stagnation in the Bitcoin price, Glassnode stated that we will enter a much more volatile period in the near future. Glassnode claimed that when the conditions were examined, Bitcoin investor behavior was similar to that of bear market fatigue in past cycles.
Glassnode also emphasized that there is a weak increase in demand for Bitcoin.
According to CoinGecko data, Bitcoin is trading at $29,115 as of writing, losing 0.8% in value in the last 24 hours.
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