Analysis: Bitcoin on-chain transaction volume declines, price may continue to rise

ChainCatcher news, according to CoinDesk, based on Glassnode data, the average dollar value of on-chain Bitcoin transfers is still far below the peak in 2021. Analysts at Blockware Solutions stated that this is a sign that investors are holding onto their tokens in anticipation of price increases. "No one wants to sell Bitcoin."

It is reported that recent spot trading volume has been concentrated in ETFs, which also explains the low on-chain trading volume. Nevertheless, other indicators also suggest that investors who survived the 2022 bear market are continuing to hold their token reserves, expecting Bitcoin prices to keep rising.