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Bitcoin (BTC) approaches its all-time high while expectations and FUD around the cryptocurrency increase. Despite growing optimism and interest in Bitcoin, BTC’s trading volume has decreased. Data reveals the seven-day trading volume fell below $14 billion, reaching the same level as in 2023 when Bitcoin traded below $30,000.
Long-Term Bitcoin Investors
However, this can be seen positively as more addresses prefer to hold their BTC. At the time of writing, BTC is trading at $68,899.70, with a 2.14% increase in the last 24 hours. Bitcoin’s MVRV ratio has risen, indicating that most Bitcoin holders became profitable in the last few days.
Due to the increase in profitability, more investors may sell BTC, driving its price down. However, the Long/Short difference for BTC also grew during this period. This could mean that the number of long-term BTC holders has increased significantly in the last few days.
Long-term holders are less likely to sell their tokens and tend to remain calm during significant price volatility. Another indicator of interest in Bitcoin could be the number of active addresses on the network. According to data from the cryptocurrency analytics company Santiment, the number of daily addresses on the Bitcoin network has dropped significantly in the last few weeks.
The Impact of NFTs
One reason for this could be the state of the NFT sector. In the last few weeks, NFT sales, buyers, and sellers have declined. Crypto Slam’s sales volume dropped by 75.36% in the last few days. Additionally, the total number of NFT transactions on the network decreased by 60%. If network activity continues to decline, miner revenue could be affected.
Recently, the daily revenue of Bitcoin miners has dropped significantly in the last few days. If this continues, miners may have to sell their tokens to make a profit, which could exert downward pressure on BTC.
