Transaction volume cooled Bitcoin... Even approaching 110,000 dollars, 'Cooling market condition'

Bitcoin (BTC) price is approaching 110 thousand dollars and heading towards a high point, but the trading fever in the market appears to be cooling. On the 7th (local time), on-chain analysis firm Glassnode stated, “BTC spot trading volume has dropped to about 5.02 billion dollars and futures trading volume to about 31.2 billion dollars, the lowest levels in the past year.”

This is a trend opposite to the price's upward momentum, with interpretations suggesting that investors' wait-and-see sentiment is deepening. In particular, with the ETF inflows and institution purchase-driven bull market that continued throughout the first half of the year coming to an end, exchange liquidity is decreasing.

Glassnode added, “Trading volume is still showing a decline,” and noted that the lead among market participants is shifting from short-term traders to long-term holders (LTH).

The decrease in Bitcoin trading volume could be interpreted as a sign that the price's upward momentum may weaken, and voices predicting a possible short-term correction are also being raised.