Phyrex: BTC turnover rate increases, on-chain data shows that holding cost affects the main force of turnover, market sentiment tends towards blank

According to Phyrex on social media, today's on-chain data for BTC shows an overall increase in the turnover rate of BTC, especially around a holding cost of $42,000. #BTC has become the main turnover party today. Although the trading volume in the last 24 hours has decreased by nearly 20% compared to yesterday, on-chain transfers have doubled. In addition, looking at the data from inflows and outflows from exchanges, it is basically similar to yesterday. This indicates that BTC transfers are not greatly related to exchange transactions and may be due to wallet reorganization or over-the-counter trades causing large-scale movement of BTC but prices still fluctuate between $42,000 and $43,000.

 

Consistent with this is that although recent data shows GBTC's selling pressure presents a net outflow trend under the overall decline in ETF institutional buying power; its impact on price and sentiment has been relatively low. The market is currently in a blank trend of information and sentiment where many investors feel reluctant to sell as they believe current prices are quite low with halving event approaching soon. However getting them to buy isn't easy either as they hope for lower entry prices especially after spot ETFs get approved; there's temporarily no new bullish or bearish expectations in market hence we still see short-term investors engaging in arbitrage - buying around $42k selling above $43k - despite small fluctuations their returns are decent due relative stability.