Bitcoin (BTC) is experiencing declining capital inflows and surging speculative activity, mirroring patterns observed near previous cycle peaks, according to an Aug. 20 Glassnode report.
BTC retraced nearly 9.2% to $112,900 following last week’s high at $124,400, accompanied by substantially weaker capital inflows compared to earlier 2024 breakouts.
The realized cap increased just 6% monthly during the current rally, significantly below the 13% rate recorded during the initial $100,000 breakout in late 2024.
The report noted that investors showed limited demand even amid reduced profit-taking activity from existing holders.
The Volatility-Adjusted Net Realized Profit/Loss metric shows markedly lower selling pressure compared to major breakouts at $70,000, $100,000, and July’s $122,000 peak.
The disparity suggests the market failed to sustain momentum even with lighter sell-side pressure.
Leverage drives market volatility
Futures markets exhibited pronounced activity during Bitc
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