2024

Bitcoin

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Recent on-chain data from Glassnode reveals that <a href="https://u.today/bitcoin-historical-cycle-predicts-massive-rally-in-2025-details" rel="noopener noreferrer nofollow">Bitcoin</a> (BTC) investors are expressing doubts about the cryptocurrency's short-term prospects.&nbsp;
This sentiment is reflected in the declining exchange-related on-chain volumes, indicating a cautious approach among market participants.
In a recent <a href="https://x.com/glassnode/status/1833517832438493298" rel="noopener noreferrer nofollow">tweet</a>, Glassnode noted that Bitcoin investors remain unconvinced in the short term, as exchange-related on-chain volumes have begun to languish.
<blockquote>
 The competitiveness of the Mining landscape and their conviction in the <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> Network continues to rise, with the Hash Rate blasting towards new ATHs. However, investors remain unconvinced in the short term, with exchange-related onchain volumes beginning to languish.… <a href="https://t.co/MQBsKh6QeF" rel="noopener noreferrer nofollow">pic.twitter.com/MQBsKh6QeF</a>— glassnode (@glassnode) <a href="https://twitter.com/glassnode/status/1833517832438493298?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 10, 2024</a>
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Meanwhile, centralized exchanges continue to be the centerpiece venue for speculation activity and price discovery. Thus, an evaluation of on-chain volumes aggregated across these venues can be used to gauge investor activity and appetite for speculation.
According to <a href="https://insights.glassnode.com/the-week-onchain-week-37-2024/" rel="noopener noreferrer nofollow">Glassnode</a>, an analysis of the 30-day/365-day momentum crossover for exchange-related inflows and outflows indicated that the monthly average volume has fallen significantly below the yearly. This highlights a drop in investor demand and less trading by speculators in the current BTC price range.
<h2 id="bitcoin-network-faces-settlement-slowdown-albeit-hashrate-surging">Bitcoin network faces settlement slowdown, albeit hashrate surging</h2>
This drop in volume coincides with a settlement slowdown on the Bitcoin network. The Bitcoin network is currently processing and settling around $6.2 billion worth of transaction volume per day.
However, settlement volume is beginning to fall toward its yearly average, suggesting a marked cooling off of network usage and throughput. Overall, this remains a net negative observation.
The CVD indicator, which reflects the current net balance of market buying and selling pressure on the spot market, shows an increase in investor sell pressure over the last 90 days, adding to the downward price trend.
Despite the bearishness in BTC metrics, Glassnode noted that the Bitcoin Hash Rate is rapidly approaching new ATHs as the competitiveness of the mining scene and their conviction in the Bitcoin network grows.
At the time of writing, BTC was down 1.21% in the last 24 hours to $56,119.

Bitcoin (BTC) Investors Show Doubt in Short-Term Outlook: Report

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