Bitcoin trader activity has fallen to its lowest level since October 2023

Bitcoin (BTC) volatility has been weakening since mid-May. The rise to $69,000 has not led to an increase in network activity, reports Santiment.

Spot trading volume is at its lowest level since October 2023.

The average daily amount of transactions last week fell to $14 billion. The last time a similar situation was observed was last fall, when BTC traded below $30,000, analysts stressed.

Traders prefer wait-and-see tactics and refuse to make new deals on major exchanges. In seven days, only 722,000 bitcoins moved across the network.

Nevertheless, BTC rose by about 11% in May. According to the CoinGlass platform, the leading digital currency showed last month the most serious leap in the last five years.

Bitcoin's stabilization at $69,000 was the result of an improvement in its fundamental position. The cryptocurrency's support zone is now between $66,900 and $68,900, analysts at IntoTheBlock noted.

Last week, capital inflows to the spot bitcoin-ETF market slowed down. Weakening activity of institutional investors was another factor that narrowed the range of price fluctuations of the cryptocurrency.#BTC