比特币转账量

Glassnode Weekly Report: Since May, Bitcoin Transfer Volume Has Dropped by 32%, Is Market Trading Enthusiasm Dwindling?

According to the latest on-chain weekly report from Glassnode, the Bitcoin "total transfer volume" metric peaked at $76 billion at the end of May but then quickly fell to $52 billion, a decrease of nearly 32%. As a core metric reflecting the actual transaction scale on the blockchain, this ongoing decline may suggest that market participation enthusiasm is cooling down.

From the chart, it is evident that this is not the first time the total transfer volume has experienced such a significant spike followed by a drop within this cycle. After two previous similar situations, Bitcoin underwent consolidation/downward trends. Currently, the Bitcoin price is around $107,000, failing to continue last week's 3.5% weekly gain, and the current slowdown in the upward trend in Bitcoin prices may be partly due to the decrease in transfer volume.

In the cryptocurrency market, total transfer volume is a key metric for measuring network transaction activity. Particularly, the spot and futures markets, as the main hubs of economic activity, have a significant impact on this total.

Analysis firm Glassnode points out that despite a recent increase in Bitcoin market prices, the trading volume in the spot market has not increased correspondingly, which is different from previous bullish trends, indicating weakened market speculative interest and hesitancy.

Meanwhile, although participants in the futures market remain active, futures trading volume has also begun to decline, suggesting that the entire market may be experiencing a cooling period. In summary, these two changes may also affect the short-term price trends of Bitcoin.

What are your thoughts on the decline in Bitcoin transfer volume and the decrease in market trading enthusiasm? Given this phenomenon, would you adjust your investment strategy?