In brief
- On-chain data shows a 13% drop in adjusted transfer volume, signaling weaker demand.
- Spot Bitcoin ETFs saw continued outflows, adding to macro-driven selling pressure.
- September has averaged negative returns for Bitcoin, compounding cautious sentiment.
Bitcoin’s bounce on Tuesday may offer a brief respite for investors, but experts are warning that a deeper “cooling-off phase” could be in play.
A combination of declining on-chain activity and sustained institutional outflows suggests that the market may be entering a more cautious period after a powerful run to record highs.
On-chain data reveals a significant slowdown in network activity, which aligns with Bitcoin’s recent price pullback, Glassnode cautioned in an official Telegram channel on Tuesday.
The monthly average of change-adjusted transfer volume has declined 13% from $26.7 billion to $23.2 billion.
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Author: Akash Girimath
