Bitcoin is increasingly being seen as a long-term investment option, rather than a short-term speculative asset.
What looked like the start of another extended bull market phase during the first quarter of 2023 has turned on its head. As evident from Token Terminal, BTC’s monthly trade volume has been on a downward spiral since April.Bitcon’s declining volatility may be due in part to how investors have started to perceive it. Glassnode’s Liveliness metric, which shows how likely it is for Bitcoin owners to spend or keep their tokens, was on a multi-year downtrend.
As evident from the graph below, the number of BTC coins across exchanges has dropped to its lowest level since January 2018, about 2.28 million at the time of publication, implying the lack of willingness on the part of investors to trade.Furthermore, there were signs that the Bitcoin market has matured and was gaining the attention of leading financial institutions.
BTC exchanged hands at $26,797 at the time of writing, having gained 1.4% in value over the last 24 hours, data from
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