On-Chain Bitcoin Metrics Hinting at Consolidation or Further Correction, Warns Crypto Analytics Firm Glassnode
On-chain metrics suggest Bitcoin (BTC) could be headed for sideways movement or more correction amid weakening buying pressure, according to the crypto analytics firm Glassnode.
Glassnode says on the social media platform X that BTC’s short-term demand momentum has dwindled.
“One key indicator: Hot Capital (capital revived over the last 7 days) has plunged 66.7% from its December 12th peak of $96.2 billion to $32.0 billion.”
The firm notes that BTC’s diminishing exchange volume momentum and low funding rates also hint at reduced demand.
“The 30-day average of exchange volume is nearing the 365-day average, reflecting reduced capital flows since the December market top.
The seven-day moving…
