Report: Bitcoin Metrics Slide to Levels Not Seen in 3 Years
Since the end of August, volatility, liquidity, trading volume, and on-chain value transferred for Bitcoin have all dropped to historical lows.
This indicates a certain degree of apathy and uncertainty, according to Glassnode. Additionally, the supply of “stablecoins” from a peak of $163 billion in April 2022 has declined by 26%, to ~$120 billion.
Analysts attribute the decrease to rising government bond interest rates and worsening cryptocurrency market conditions.
Moreover, the chart below which shows net inflows into centralized platforms reveals that the aggregate metric has returned to neutral since April 2022, consistent with a slowdown in capital inflows to Bitcoin and Ethereum.
This paints a picture of a market that is becoming increasingly apathetic and uncertain. Lastly, the record-low volatility reflects that significant price fluctuations may occur in the future.
The most recent sale of digital gold with the price falling to $26,000 and Grayscale’s victory over the SEC did not fundamentally change the situation.
