⚠️ glassnode predicts market volatility ahead! What makes the analytics provider think so? Check more here - Bitcoin $BTC crypto
Furthermore, BTC has already begun to fall back from that minor spurt of activity. Glassnode confirmed that both digital assets and commodities were currently experiencing their second uptrend correction of the year. It also observed a tighter correlation between the two asset classes in 2023.
Furthermore, transfer volumes remain low, which correlates to low exchange flows. Recent exchange activity has dropped -27.3% relative to the last six months, it observed. The Net Unrealized Profit/Loss metric confirms this with a reading of 0.29 which is the lower bound of the equilibrium phase. A break below 0.25 would indicate that market profitability has declined back into the capitulation and recovery phase.
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