According to blockchain analysis platform Glassnode, since 2023, more than $16 billion in capital has flowed into Bitcoin, but the growth rate is weaker compared to the same period in 2021 and 2022. At the same time, Bitcoin's price volatility has dropped to its lowest point in history.
This means that investors' willingness to sell Bitcoin on the chain has reached a historical low, and low volatility may bring market indifference and fatigue, leading to shrinking demand. The market still exhibits typical bear market characteristics. Currently, the difference between the upper and lower rails of the Bollinger Bands is only 2.9%, which has only occurred twice in history, in September 2016 and January 2023.
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