Glassnode wrote that a decline in network activity can be interpreted as a lack of new demand for the network from speculative traders over long-term holders and investors who have a high level of conviction in the network’s technology. The report states:
The analysis observed similarities between the current network demand pattern and the one established in the 2018-2019 period. Similar to the previous cycle, network demand dried up after the April 2021 all-time high in BTC price. There was a notable recovery in demand leading up to the following November as prices recovered to a new ATH.
Source: News Formal (newsformal.com)
Bitcoin 🔻🔻🔻🔻🔻
I usually check all info on BFX but still can't predict the future price
This is good for the bigger picture
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