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Glassnode: Declining Bitcoin network activity suggests a longer bear market



Time:8/2/2022 2:53:43 AM

[Glassnode: Decline in Bitcoin network activity indicates that the bear market will last longer] On August 2, Glassnode stated that since several on-chain indicators of Bitcoin (BTC) are still in the bearish range, the continuation of the recent price recovery will require an increase in the network needs and expenses. Analysts pointed to sideways growth in transaction demand, active-ethexc bitcoin addresses remaining in a "clear downtrend," and lower network fees as tempering investor euphoria over bitcoin's 15% surge in price over the past week reason.

Glassnode stated that the decrease in network activity can be explained by the lack of new demand for the network from speculative traders and investors with high confidence in the network technology. The additional demand needed to sustain further price increases is not currently in sight. Glassnode refers to the steady decline in active-ethexc addresses as a "low bear market demand condition," which has largely been in place since December. (Cointelegraph)

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