Bitcoin exhaustion
The price of Bitcoin has been trading sideways for months, and there is little sign of a breakout. This has led to a decline in trading volume and volatility as investors have become bored and apathetic.
On-chain analysis shows that this apathy is not just limited to traders. Long-term holders are also becoming less active, and the supply of Bitcoin held by short-term holders is at a multi-year high. This suggests that many investors are...