🔥🔥🔥 Retail Losing Interest In #bitcoin☀️ ? Volume Plunges 30%
Retail Bitcoin Transfer Volume Plummets, Indicating Waning Interest
Decline in Retail Bitcoin Transactions
- Recent on-chain data shows a significant drop in Bitcoin transfer volume among retail investors, indicating decreased interest. According to CryptoQuant author Axel Adler Jr., Bitcoin transactions valued between $1,000 and $10,000 have notably declined.
Transfer Volume Trends
- Transfer volume measures the total Bitcoin amount moved across the network daily, separate from trading volume on exchanges. High transfer volume suggests strong investor interest and activity, while low transfer volume indicates reduced attention.
- A 30-day moving average (MA) chart reveals trends in retail Bitcoin activity:
1. Earlier this Year: Retail transfer volume spiked during a rally, showing increased small investor interest, a common pattern during bull runs.
2. Recent Decline: Since peaking in May, retail transfer volume has dropped by 30%, reflecting reduced activity amid bearish price action.
Implications
- The downtrend in retail transfer volume, even as Bitcoin briefly recovered above $70,000, hints at potential rally unsustainability. Current 30-day retail transfer volume matches levels seen during the bearish period of July 2021, suggesting new recovery attempts might struggle without renewed retail interest.
Current BTC Price
- Bitcoin is trading around $62,200, down over 4% in the past week. This downturn in retail activity signals potential challenges for Bitcoin's sustained recovery unless small investors' interest revives.
Source - newsbtc.com
