• The market was in the lower bound of an equilibrium phase.
• Trading volumes have softened, emphasizing investors’ preference to accumulate and HODL coins.

Since reaching yearly highs last month, Bitcoin [BTC] has traded in a narrow trading range of $30,000-$31,000. The stagnation has lowered investors’ enthusiasm and raised questions on the sustainability of last month’s market rise, built on growing institutional interest in crypto assets.

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However, this extended lull in trading activity could soon give way to a period of volatility. As per on-chain analytics firm Glassnode, BTC’s 14-day price range increased to 6.38% over the past week.

Glassnode underlined that with just about 5.6% of the total trading hours recording a narrower range than this value, there was a likelihood for a big move for BTC in either direction in the days to come.

Trading activity plummets

On-chain transfer volume is the total number of coins transferred in successful transactions. This number decreased significantly since the euphoria seen during the start of last month’s market rally.

Combining this with the falling exchange inflows, it was evident that trading volumes have softened. This emphasized investors’ preference to accumulate and HODL coins.

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Author: Aniket Verma

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