Summary
- Glassnode said Bitcoin spot trading volume has fallen to its lowest level since 2019.
- It said exchange deposit and withdrawal activity and spot exchange-traded fund (ETF) inflows also remain weak.
- Glassnode said institutional investors' preference for cash and U.S. Treasuries is weighing on Bitcoin's three-month futures yield and spot trading volume.
Forecast Trend Report by Period
Bitcoin spot trading volume has dropped to its lowest level since 2019, Glassnode said, as institutional investors favor cash and U.S. Treasuries over digital assets.
In a report published on July 31, Glassnode said exchange deposit and withdrawal activity remains subdued. Inflows into spot Bitcoin exchange-traded funds have also stayed weak.
Glassnode attributed the trend to institutional investors' preference for cash and U.S. government bonds.
Bitcoin's three-month futures yield has remained below the yield on the two-year U.S. Treasury since February, according to the report. Glassnode said that has led institutional investors to shift funds into relatively safer U.S. Treasuries, slowing Bitcoin spot trading volume and ETF inflows.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.