Glassnode analysts reported a 'summer lull' in the cryptocurrency market, noting a significant decrease in on-chain activity and volatility. According to their data, transaction volumes in the Bitcoin network and other leading cryptocurrencies have fallen to their lowest levels since the autumn of 2023. The number of active addresses in blockchains has decreased, indicating a reduction in retail investor participation and speculative activity.
Price volatility has also reached a minimum, indicating a consolidation period. Such phases, according to historical data, often precede significant price movements, although the direction remains uncertain. Analysts suggest that the decrease in activity may be related to seasonal factors, such as summer vacations, or a decline in interest in cryptocurrencies against the backdrop of macroeconomic instability.
Despite this, Bitcoin's hash rate remains stable, confirming miners' confidence in the long-term prospects of the asset. Glassnode notes that such periods of calm can create unique opportunities for investors who are ready for strategic accumulation.
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