As the USA celebrates Independence Day, Bitcoin Trading Volume dries out.
There were lesser trading activities for Bitcoin (BTC) in the past few days. Data from On-chain indicates that the spot trading volume had been dropping due to the US Independence holiday. Also, BTC inflows and outflows are declining at the same time. It simply suggests that low transactions are coming from the whales.
Bitcoin Activity drops during the US Holiday
In the past weekend, Bitcoin trading volume dropped dramatically because there was also low exchange of inflow and outflow activity. The latest data from Glassnode shows that only $5.8 billion worth of Bitcoin flowed into the exchanges in the past weekend. While $6.4 billion was moving out at the same time. It accounted for a net flow of -$593.1 million.
The spot volume of Bitcoin has been trending downwards ever since June 29. But it took a more remarkable drop last July 2. A lot of people believe that the US Independence holiday was a factor that is causing the low trading activity. This is probably because a lot of traders in the US could have taken a break from the market.
But according to VryptoQuant, a crypto on-chain analytics platform, it “seems like the whales are staying low without much actions.”
BTC is now at a Key Level
At this recent position, it seems likely that Bitcoin will be in consolidation. But the buying pressure can mount well enough to keep the price going upward.
“A push to either side of the market would have a high possibility of triggering a relatively big reaction to the price.”
CryptoQuant
Bitcoin has been down by 3.89 percent over the past 24 hours to $34,050 as of now. Several indicators, among them Puell Multiple, show that it could recover from the bear market in the near future.
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