Bitcoin’s profit-taking activity has plunged 93% since December, indicating market uncertainty. Just two months ago, investors realized profits amounting to $3 billion before this substantial drop.
Traders are showing reduced risk appetite with a declining leverage ratio in the derivatives market. Additionally, exchange outflows decreased by 16%, suggesting lower trading confidence.
The upcoming FOMC meeting could significantly influence Bitcoin’s price recovery efforts. A stable environment post profit-taking may allow for accumulation by institutions.
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