Glassnode Weekly Report: Bitcoin's transaction volume dropped by 32% in May, is market trading enthusiasm waning?

According to the latest on-chain weekly report from Glassnode, the "total transfer volume" indicator for Bitcoin reached a peak of $76 billion at the end of May, but then quickly fell to $52 billion, a decline of nearly 32%. As a core indicator that reflects the actual transaction scale of the blockchain, the continued downward trend of this data may suggest that market participation enthusiasm is cooling.

From the chart, it is clear that this is not the first time in this cycle that the total transfer volume has experienced a significant surge followed by a decline. After the previous two similar situations, Bitcoin underwent consolidation/decrease. Currently, the price of Bitcoin is around $107,000, failing to maintain last week's 3.5% weekly increase, and the current slowdown in the upward trend of Bitcoin's price may be partly due to the decrease in transfer volume.

In the cryptocurrency market, the total volume of transfers is a key indicator of network transaction activity. In particular, the spot and futures markets, as the main centers of economic activity, have a particularly significant impact on this total volume.

The analysis company Glassnode pointed out that although the market price of Bitcoin has seen a certain increase recently, the trading volume in the spot market has not increased correspondingly. This phenomenon is different from previous bullish trends and indicates a weakening of market speculation interest and a sense of hesitation.

At the same time, although participants in the futures market remain active, the trading volume of futures has also begun to decline, indicating that the entire market may be experiencing a cooling period. In summary, these two changes may also have an impact on the short-term price trend of Bitcoin.

What do you think about the decline in Bitcoin transfer volume and the decrease in market trading enthusiasm? In light of this phenomenon, will you adjust your investment strategy?

#比特币转账量 # cryptocurrency market #investor sentiment