Bitcoin holders should look at these metrics before deciding on a HODL

Bitcoin [BTC] It gave investors some hope It has shown some promising growth over the past seven days. However, it seemed that the Bears had taken control of the Cipher King once again.

According to data on market information platform Glassnode, BTC It experienced a massive decrease in its size, which may indicate an extremely pessimistic view of BTC future.

Here AMBCryptos Bitcoin Price Prediction for the year 2022-2023.

according to tweet Posted by glass knot On October 8, BTC transaction volume reached a three-month low of 78,000 BTC.

Source: Glassnode

In addition to the total transaction volume, the average transaction volume is also It was written off by a large margin It reached a 15-month low of 7,275 BTC on October 8.

This development may have a negative impact on the future of Bitcoin in the long run and Bitcoin traders may end up with losses. But traders may not be the only ones affected. Bitcoin miners can feel the heat, too. to add to himself, miners revenue from fees, It also hit a one-month low of 1.131% on October 7.

The decline in mining revenue could lead to selling pressure from miners which could affect profitability Bitcoin merchants. In addition, as shown in the image below, the daily trading volume of the earnings chain has also decreased in the past month.

Crypto analytics platform, Santiment indicated a decrease in the number of profitable transactions on the Bitcoin network.

Source: feeling

Low profitability may deter potential Bitcoin investors and traders from investing in King Coin, forcing them to look for other cryptocurrencies to invest in.

When there is a will there is a way

Despite the number and weight of bearish indicators for Bitcoin in recent days, BTC is still able to show some growth in terms of market cap dominance.

BTC market cap dominance has grown by 5.95% over the past 30 days and has managed to capture 38.38% of the total cryptocurrency market at the time of writing.

Source: messari

At press time, bitcoin is trading at $1,9522.17, down 1.94% over the past 24 hours. Also with an institutional interest in King coinThe future still looks bearish for BTC and that could be one of the reasons Bitcoin’s connection to traditional markets.

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