Bitcoin remains stable at above 104,000 USD amid market consolidation, according to recent data. Despite the high price, transaction counts on the network are low, indicating reduced on-chain activity.
Glassnode reported a shift in BTC’s trading volume towards centralized exchanges, with off-chain volume being 7-16 times greater than on-chain volume. This divergence suggests that while prices are high, network usage is declining.
The report highlights an increase in derivatives open interest, indicating a more volatile market environment. This trend follows the launch of US Spot ETFs, leading to fluctuations in trading activities.
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