Cryptocurrency News

Bitcoin is 40%+ down from its ATH, but on-chain analysts say it’s ‘starting to bottom out’

The cryptocurrency market has experienced another rollercoaster week that saw Ether (ETH) price drop below $3,000 and Bitcoin (BTC) price hit a new multi-month low at $37,700. Equities markets also endured a sharp sell-off primarily due to investor fear over potential changes to the size of the Federal Reserve’s next rate hike.

To date, Bitcoin price fell 41.72% down from its $69,000 all-time high and while the price might be in what some describe to be a bear market, a deeper dive into various on-chain and derivatives data shows that a drop in inflows and thepivot from institutional investors are the main factors impacting BTC price action.Bitcoin futures volume. Source: GlassnodeBitcoin annualized perpetual funding vs. 3-month basis. Source: GlassnodeBitcoin relative transfer volume breakdown by size. Source: GlassnodeBitcoin NVT price model. Source: Glassnode

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Source: Cointelegraph

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