According to data disclosed by the blockchain analysis platform Glassnode, more than US$16 billion in capital has flowed into Bitcoin since 2023, but the growth rate is relatively weak compared to the same period in 2021 and 2022.
At the same time, Bitcoin’s price volatility has fallen to an all-time low, meaning investors’ willingness to sell Bitcoin on-chain has reached an all-time low.
What low volatility can bring is coldness and exhaustion in the market, causing demand to shrink and the market to remain in typical bear market characteristics.
At present, the gap between the upper and lower rails of the Bollinger Band is only 2.9%, and there are only two times in history that the gap is smaller than this, which occurred in September 2016 and January 2023 respectively.