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Home News Crypto

Crypto Market Alert: Bitcoin Metrics Show Sluggish Demand

by Team Lumida
August 21, 2024
in Crypto
Reading Time: 3 mins read
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Key Takeaways:

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  1. Bitcoin metrics show decreased demand amid waning ETF hype.
  2. CryptoQuant data reveals declining Bitcoin network activity.
  3. Investors should watch for potential market shifts and regulatory impacts.

What Happened?

Bitcoin’s demand has weakened as excitement over a Bitcoin ETF slows down. According to CryptoQuant, several key metrics indicate this trend. The number of active addresses on the Bitcoin network has declined by 15% over the past month.

Additionally, trading volumes have dropped by 10%, and the amount of Bitcoin held on exchanges has decreased by 5%. These indicators suggest a cooling interest in Bitcoin, despite previous enthusiasm for a potential ETF approval.

Why It Matters?

Understanding these trends is crucial for your investment strategy. Lower network activity and reduced trading volumes can signal a lack of confidence among investors. This could lead to price volatility and impact your portfolio’s value.

The initial excitement around a Bitcoin ETF had driven up interest and prices, but the recent data indicates a shift in sentiment. CryptoQuant’s CEO, Ki Young Ju, stated, “The market is experiencing a phase of indecision, and this is reflected in the on-chain metrics.”

What’s Next?

You should monitor how regulatory developments around Bitcoin ETFs unfold. Potential approval could reignite demand, but continued delays might further dampen enthusiasm. Keep an eye on Bitcoin’s network activity and trading volumes as indicators of investor sentiment.

Also, be aware of how other cryptocurrencies perform, as they often correlate with Bitcoin’s trends. The market may experience more volatility in the short term, so staying informed will be crucial to navigating these changes.

Source: Coindesk
Tags: Bitcoin
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© 2025 Lumida Wealth Management LLC is an SEC registered investment adviser. Privacy Policy. Cookies Policy.
Disclaimer Important Information This site is for informational purposes only. Information presented on this site does not constitute as investment advice.

Lumida Wealth Management LLC (‘Lumida”) is an SEC registered investment adviser. SEC registration does not constitute an endorsement of the firm by the Commission nor does it indicate that the adviser has attained a particular level of skill or ability.

Lumida's website (referred to herein as the "Website") is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of the Website on the Internet should not be construed by any client and/or prospective client Lumida’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet.

Any subsequent, direct communication by Lumida with a prospective client will be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides.

‍Lead Capture Forms: By submitting your contact information in the forms on this site, you are not obligated to invest in Lumida's product or services.
‍Address: Lumida Wealth Management, 25 W 39th Street Suite 700, New York, NY 10018