{"id":552977,"date":"2023-09-26T19:00:39","date_gmt":"2023-09-26T19:00:39","guid":{"rendered":"https:\/\/ktsl888.com\/?p=552977"},"modified":"2024-06-11T08:12:01","modified_gmt":"2024-06-11T08:12:01","slug":"bitcoin-spot-trading-volume-hit-six-year-low-is-investor-confidence-rising","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-spot-trading-volume-hit-six-year-low-is-investor-confidence-rising\/","title":{"rendered":"Bitcoin Spot Trading Volume Hit Six-Year Low &#8211; Is Investor Confidence Rising?"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Consistent with the volatile crypto market, the past few months have been filled with uncertainty for Bitcoin (BTC). However, the bears appear to be in control, with the premier cryptocurrency trending toward the $26,000 mark in the past few days.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Despite the struggling Bitcoin price action, investors seem uninterested in taking short-term interests or cutting their losses, with BTC spot trading volumes hitting lows rarely seen in years.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">\u201cMacroeconomic Scenario\u201d Responsible For Bitcoin Volume Decline<\/span><\/h2>\n<p><span style=\"font-weight: 400\">According to recent research from <\/span><a href=\"https:\/\/x.com\/cryptoquant_com\/status\/80450213?s=20\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">on-chain analytics provider CryptoQuant<\/span><\/a><span style=\"font-weight: 400\">, Bitcoin spot trading volume has declined to a six-year low. This latest data, which tracks trading activity on various exchanges, shows the decline BTC volume has experienced in recent weeks.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Bitcoin<\/a> spot trading volume drops to 6-year low\ud83d\udea8<\/p>\n<p>&quot;People are more interested in holding their coins, believing in their future value, than selling at the first sign of profit.&quot;<br \/>by <a href=\"https:\/\/twitter.com\/caueconomy?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@caueconomy<\/a> <\/p>\n<p>Link\ud83d\udc47<a href=\"https:\/\/t.co\/2MgO5PJawu\" rel=\"nofollow\">https:\/\/t.co\/2MgO5PJawu<\/a><\/p>\n<p>&mdash; CryptoQuant.com (@cryptoquant_com) <a href=\"https:\/\/twitter.com\/cryptoquant_com\/status\/80450213?ref_src=twsrc%5Etfw\" rel=\"nofollow\">September 26, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400\">CryptoQuant data revealed that the transaction volume of Bitcoin across exchanges roamed between 8,000 and 15,000 daily transactions in the past week. This reflects an abrupt decline from the 600,000 daily transactions recorded in March 2023.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/bitcoin-news\/bitcoin-mega-whales-return-selling-downside\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Mega Whales Return To Selling Mode, More Downside Soon?<\/a><\/div>\n<p><span style=\"font-weight: 400\">Cau\u00ea Oliveira, a contributing analyst at CryptoQuant, <\/span><a href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/65116f6217681922d0fe641f-Bitcoin-spot-trading-volume-drops-to-6-year-low\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">attributed<\/span><\/a><span style=\"font-weight: 400\"> the growing fear around the macroeconomic scenario as one of the reasons for this short drop in BTC transaction volume. \u201cThe actions of the United States Central Bank perpetuate a constant feeling of uncertainty, leaving investors waiting for a possible recession,\u201d Oliveira added.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Last week, <\/span><a href=\"https:\/\/ktsl888.com\/breaking-news-ticker\/fed-holds-interest-rates-steady-bitcoin-awaits-trend-reversal-above-27000\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">the US Federal Reserve (Fed) opted<\/span><\/a><span style=\"font-weight: 400\"> to keep the interest rates at the current level, ranging between 5.25% and 5.5%. This move aligned with existing economic policy in the United States and market expectations.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Additionally, Oliveira referenced this downward trend in BTC spot volume as an interesting sign of &#8220;rising investor confidence.&#8221; It demonstrates that Bitcoin investors opt to hold their coins rather than sell them.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Cau\u00ea Oliveira added:<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">Instead of seeking quick profits through short-term trading, more and more people are viewing bitcoin and other cryptocurrencies as a long-term investment. They are more interested in holding their coins, believing in their future value, than selling at the first sign of profit.<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">According to <\/span><a href=\"https:\/\/www.coingecko.com\/en\/coins\/bitcoin\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">CoinGecko data<\/span><\/a><span style=\"font-weight: 400\">, Bitcoin is currently valued at $26,154, with no significant price movement in the past day. BTC maintains its place as the largest cryptocurrency, with a market cap of nearly $510 billion.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Long-Term BTC Holders Continue To Show Faith<\/span><\/h2>\n<p><span style=\"font-weight: 400\">A recent on-chain revelation by IntoTheBlock adds more weight to Oliveira\u2019s analysis. The crypto analytics platform <\/span><a href=\"https:\/\/x.com\/intotheblock\/status\/72358631?s=20\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">disclosed<\/span><\/a><span style=\"font-weight: 400\"> that Bitcoin long-term holders seem unfazed by the current market conditions as they continue to hold their assets.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Despite market turbulence, long-term &#39;Hodlers&#39; are unfazed. Our latest data reveals a near-record 13.44M BTC  held by long-term holders, making up 69% of the circulating supply. Historically, these holders sustain prices in bear markets and take profits in bull runs. <a href=\"https:\/\/t.co\/99OA9LfUjU\" rel=\"nofollow\">pic.twitter.com\/99OA9LfUjU<\/a><\/p>\n<p>&mdash; IntoTheBlock (@intotheblock) <a href=\"https:\/\/twitter.com\/intotheblock\/status\/72358631?ref_src=twsrc%5Etfw\" rel=\"nofollow\">September 24, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400\">According to data from IntoTheBlock, the cryptocurrency\u2019s long-term \u201chodlers\u201d hold 13.44 million BTC, which is merely short of the <\/span><a href=\"https:\/\/ktsl888.com\/news\/bitcoin-hodlers-not-selling-will-number-break-record-highs\/amp\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">record of 14.599 million<\/span><\/a><span style=\"font-weight: 400\">. This amount currently held by long-term \u201chodlers\u201d accounts for 69% of Bitcoin\u2019s circulating supply.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-price-predictions-2024-banks-hedge-funds\/\">Bitcoin Price Predictions For 2024: Insights From Major Banks To Hedge Funds<\/a><\/div>\n<p><span style=\"font-weight: 400\">By IntoTheBlock\u2019s definition, long-term holders refer to investors and entities who bought their coins at least a year ago.\u00a0<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/hpV3L0Dj\/\" alt=\"Bitcoin\" width=\"2108\" height=\"1442\"><\/p>\n<pre style=\"text-align: center\">Bitcoin price approach $26,000 on the daily timeframe | Source: BTCUSDT chart on <a href=\"https:\/\/www.tradingview.com\/x\/hpV3L0Dj\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView<\/a><\/pre>\n<div class=\"disclaimer-shortcode\">Featured image from iStock, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Consistent with the volatile crypto market, the past few months have been filled with uncertainty for Bitcoin (BTC). However, the bears appear to be in control, with the premier cryptocurrency trending toward the $26,000 mark in the past few days. Despite the struggling Bitcoin price action, investors seem uninterested in taking short-term interests or cutting their losses, with BTC spot trading volumes hitting lows rarely seen in years. \u201cMacroeconomic Scenario\u201d Responsible For Bitcoin Volume Decline According to recent research from on-chain analytics provider CryptoQuant, Bitcoin spot trading volume has declined to a six-year low. This latest data, which tracks trading activity on various exchanges, shows the decline BTC volume has experienced in recent weeks. CryptoQuant data revealed that the transaction volume of Bitcoin across exchanges roamed between 8,000 and 15,000 daily transactions in the past week. This reflects an abrupt decline from the 600,000 daily transactions recorded in March 2023. Related Reading: Bitcoin Mega Whales Return To Selling Mode, More Downside Soon? Cau\u00ea Oliveira, a contributing analyst at CryptoQuant, attributed the growing fear around the macroeconomic scenario as one of the reasons for this short drop in BTC transaction volume. \u201cThe actions of the United States Central Bank perpetuate a constant feeling of uncertainty, leaving investors waiting for a possible recession,\u201d Oliveira added. Last week, the US Federal Reserve (Fed) opted to keep the interest rates at the current level, ranging between 5.25% and 5.5%. This move aligned with existing economic policy in the United States and market expectations. Additionally, Oliveira referenced this downward trend in BTC spot volume as an interesting sign of &#8220;rising investor confidence.&#8221; It demonstrates that Bitcoin investors opt to hold their coins rather than sell them. Cau\u00ea Oliveira added: Instead of seeking quick profits through short-term trading, more and more people are viewing bitcoin and other cryptocurrencies as a long-term investment. They are more interested in holding their coins, believing in their future value, than selling at the first sign of profit. According to CoinGecko data, Bitcoin is currently valued at $26,154, with no significant price movement in the past day. BTC maintains its place as the largest cryptocurrency, with a market cap of nearly $510 billion.\u00a0 Long-Term BTC Holders Continue To Show Faith A recent on-chain revelation by IntoTheBlock adds more weight to Oliveira\u2019s analysis. The crypto analytics platform disclosed that Bitcoin long-term holders seem unfazed by the current market conditions as they continue to hold their assets. According to data from IntoTheBlock, the cryptocurrency\u2019s long-term \u201chodlers\u201d hold 13.44 million BTC, which is merely short of the record of 14.599 million. This amount currently held by long-term \u201chodlers\u201d accounts for 69% of Bitcoin\u2019s circulating supply. Related Reading: Bitcoin Price Predictions For 2024: Insights From Major Banks To Hedge Funds By IntoTheBlock\u2019s definition, long-term holders refer to investors and entities who bought their coins at least a year ago.\u00a0 Bitcoin price approach $26,000 on the daily timeframe | Source: BTCUSDT chart on TradingView Featured image from iStock, chart from TradingView<\/p>\n","protected":false},"author":590,"featured_media":541188,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,679,86849,78790],"class_list":["post-552977","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-bitcoin-spot-trading-volume","tag-btcusdt"],"acf":[],"yoast_head":"\n<title>Bitcoin Spot Trading Volume Hit Six-Year Low - Is Investor Confidence Rising?<\/title>\n<meta name=\"description\" content=\"Consistent with the volatile crypto market, the past few months have been filled with uncertainty for Bitcoin (BTC). 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However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi\u2019s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings. Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that \u201cwhatever is worth doing at all is worth doing well.\u201d Hence, you will always find him striving to be better. Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. 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