Crypto exchange volumes reflect Bitcoin traders’ ‘reduced trading appetite’ — Glassnode
Glassnode data highlights a “notable decline in trade activity over the last quarter,” but traders are hopeful that Q4 will bring a sharp trend reversal.
Bitcoin (BTC) continued its recovery on Sept. 10, reaching $58,000 to trade 8% above its four-week low of $53,955. Despite this recovery, Bitcoin investors “remain unconvinced” in the short term, according to an analysis from Glassnode.
Investors are interacting less with centralized exchanges (CEXs) with “contracting volumes across the board,” according to a Sept. 10 report published by Glassnode.
The report noted that CEXs remain central indicators of investors’ speculative activity and price discovery in the ever-evolving cryptocurrency market. They evaluated onchain volumes aggregated across CEXs to determine investor activity and speculation appetite.
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Author: Nancy Lubale
