Bitcoin (BTC) has been consolidating below the mid-point of the 2021-22 cycle at $30,000, with some on-chain activity metrics cooling off while others, such as money transfer volumes, are picking up. This suggests positive momentum and growing adoption for the asset, according to a recent report from Glassnode.
The report also highlights that BTC volumes being transferred are starting to pick up meaningfully, indicating a return toward the dominance of BTC monetary transfers. Additionally, Bitcoin's correlation with altcoins has declined in the first half of 2023, indicating that it is starting to establish itself as a more independent asset.
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