Retail Losing Interest In Bitcoin? Volume Plunges 30%

Retail investors’ interest in Bitcoin appears to be declining, as on-chain data shows a sharp drop in their transfer volume. According to CrypoQuant author Axel Adler Jr, the total BTC transfer volume for transactions valued between $1,000 and $10,000 has recently gone down. This transfer volume metric represents the amount of Bitcoin (in USD) being moved on the network and is different from trading volume, which only tracks volume involved in spot exchanges. High transfer volume indicates active trading interest, while low volume suggests holders may not be paying much attention to the cryptocurrency. A chart displaying the 30-day moving average Bitcoin transfer volume for transactions in the $1,000 to $10,000 range shows a spike earlier in the year during the market rally. However, the volume for retail-sized moves has since decreased by 30%. Even during a recovery when Bitcoin surged above $70,000, the indicator continued its downtrend, potentially signaling that this rally would not sustain. Unless the indicator shows a revival, any new recovery runs could be at risk of failure. Currently, Bitcoin is trading around $62,200, reflecting a decrease of over 4% in the past week.