Despite the price of bitcoin being close to all-time highs, trading volume on exchanges remains at multi-year lows, signaling that appetite for trading remains low.
Part of this low volume is due to the increased share of spot ETFs in total bitcoin trading volume, but a significant portion is still due to low interest in altcoins.
This low volume does not coincide with periods of euphoria or high demand for cryptocurrencies and bitcoin, signaling that the current structure of bitcoin is being driven more by conscious allocators and not inexperienced speculators.
It will be necessary to monitor these spikes in activity, because when we see a return of this demand, we will probably be close to a new local top.
Written by caueconomy
