• The current cycle has experienced a significant decline in volatility and trading volume.
• Despite this, long-term holders of Bitcoin continued to increase their accumulation.

With the current market cycle marked by compressed volatility and low trading volume, the total value of on-chain and off-chain transactions in the digital asset market has fallen to its lowest level since 2020, on-chain analytics firm Glassnode found in a new report. 

The on-chain data provider assessed the performance of leading stablecoins, Bitcoin [BTC], and Ethereum [ETH], since the beginning of the year. It noted that after a period of significant net inflow of capital when the year started, the past few months have “seen a return to neutral or negative inflows, suggesting a degree of stagnation and uncertainty has taken over.”

According to Glassnode:

“All in all, it can be argued that extreme apathy and boredom best describe the prevailing sentiment.”

Through it all, USDT remains king

The supply of stablecoins has steadily declined since April 2022.  The fears of a contagion effect following the unexpected collapse of LUNA-UST in May of the same year led many stablecoin holders to redeem their assets. 

This increased coin redemption has resulted in a 26% decline in aggregate stablecoin supply, Glassnode found. Since April 2022, this has fallen from $163 billion to $120 billion, with a $43 billion flush-out recorded. 

However, the three leading stablecoins

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Author: Abiodun Oladokun

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