Despite the heightened unpredictability in the banking sector of the United States, Bitcoin (BTC) has managed to recuperate some of its losses. However, the increasing balances on cryptocurrency exchanges have eclipsed this recovery.
According to Blockworks, following a decline of approximately 10% in the preceding week, the value of BTC has stabilized at approximately $28,750 and has experienced a 5.5% increase over the course of the last five trading days.
As per the data furnished by CryptoQuant, there has been a consistent rise in the aggregate count of bitcoins held on exchanges since March 27. It has presently reached its peak level in a span of one month. As per the analysis conducted by the organization, an increase in reserve values suggests an escalation in selling pressure and has demonstrated a contrary trend in the overall price.
CryptoQuant declares that the total value of 2.18 million Bitcoins exchanged on various platforms amounts to $62.9 billion. This figure reflects a 1.4% rise in trading activity since the beginning of the year. According to Blockworks, the current value of this metric is 390,000 Bitcoins, equivalent to $11.25 billion. It is lower than its value during the same period in the previous year, indicating a decline of 18%.
As per the recent analysis disseminated by the research firm K33, it has been observed that several significant inactive wallets have been reactivated this week. This is raising apprehensions regarding a potential surge of Bitcoin in the market. As per the organization’s statement, the decrease in Bitcoin’s demand on a monthly basis has played a role in the overall decrease in volatility.
The 30-day volatility metric pertaining to Bitcoin (BTC) continues to remain at a level of 2.1%. It is the lowest it has been in the past three months. K33 reports that the 30-day volatility of Bitcoin (BTC) is currently diminishing, and the cryptocurrency’s performance over the past month has remained relatively stable.