The Bitcoin (BTC) the number of places has continued to increase in recent weeks, returning to the level seen in October 2023.
As of April 29, Bitcoin volume, which represents the total value of BTC traded at the current market price, on major crypto exchanges, fell below $5 billion, according to metrics from Glass node.
The stock market’s sharp decline continued in April, despite a mild BTC price recovery. Investors’ interest in the Bitcoin space has decreased recently due to the economic growth, which is exacerbated by the country’s problems.
Over the past month, Binance, the largest cryptocurrency exchange with trading volume, fell by about $25 billion, depending data from CryptoQuant. Meanwhile, Gate.io and OKX recorded a decrease in Bitcoin spot volume of $13 billion and $6 billion, respectively.
What’s next for Bitcoin price amid record lows?
A large decrease in Bitcoin volume reduces the depth of the market, depending on the amount of money. Therefore, the price of BTC remains highly sensitive to any changes in market trends.
Over the past two days, BlackRock’s iShares Bitcoin Trust (NASDAQ) It will go) has led Bitcoin exchange-traded funds (ETFs) and other United States-based mutual funds, such as Finbold. report. With US investors accelerating their distribution of BTC within well-known crypto exchanges, such as Finbold he realizedbearish sentiment remains clear.
Amid low volume, the price of BTC fell 4.90% in the past seven days, trading at around $75,150 at press time. If institutional traders continue to sell in the middle, another drop in BTC prices may be inevitable in May, and vice versa.
