Investors' lack of willingness to sell has been demonstrated by the growing dormant supply of BTC. This behavior is reflected in the low volatility phase that Bitcoin has entered, with trades hovering within a narrow range.
Glassnode, an on-chain analytics firm, reported a considerable decline in transfer volume settled on the Bitcoin network, indicating a growing tendency by investors to hold their coins. The hodling narrative has grown despite BTC accumulating massive gains in 2023, nearly 64% on a year-to-date basis.
The sluggish growth in Open Interest in Bitcoin futures since mid-April reflects a lack of speculation demand for the coin.
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