The total volume of spot and derivative cryptocurrency markets in April fell by 43.8% to $6.58 trillion after a record in March ($9.12 trillion). Such data was provided in CCData.
The positive dynamics stopped after six months.
Data: CCData.Experts explained the reversal of the trend by the escalation of geopolitical tensions and a slowdown in the inflow of funds into spot ETFs. Optimism was also undermined by a decrease in the likelihood of Fed policy easing this year.
The turnover of cryptocurrencies decreased by 47.7%, to $4.57 trillion; spot contracts — by 32.6%, to $2.01 trillion.
Binance's share decreased by 2.41% to 41.5%, including 3.69% in the spot market, to 33.8% ($679 billion).
Data: CCData.We managed to strengthen our positions Gate.io , BitMart, BitGet, WhiteBit, HTX and Bybit.
CryptoQuant drew attention to the increasing fears among speculators. This is indicated by the transition of NUPL to negative territory.
Segmentation of Short Term Holder's NUPL
“From the chart, it's apparent that the NUPL for traders has recently dipped into negative territory, signaling a rise in fear within this cohort.” – By @0nchained
Read more 👇 https://t.co/OyQajAXjuf
According to experts, the last time a similar situation was observed was on January 24 after the approval of spot bitcoin ETFs. Then the digital gold exchange rate fell from $49,000 to $38,000.
This price level can represent a significant support line. The failure of NUPL into a negative area will already signal a wider spread of fear for medium-term holders, analysts warned.
Recall that participants in the bitcoin options market have placed bets on growth up to $ 100,000.
Earlier, a trader and analyst at Rekt Capital said that the rate of the first cryptocurrency reached a local bottom at $ 57,000 and entered the accumulation phase.
Ex-CEO of BitMEX Arthur Hayes allowed the digital gold quotes to overcome the $60,000 level and move to $70,000 before August.