On-chain analytics provider, Glassnode, has detailed the current state of the Bitcoin network which appears to be fundamentally strong, despite the lethargic price action.
Labeling it an “impressively quiet week” the company confirmed that volatility is diminishing as BTC remained range bound between roughly $34,900 and $32,500.
“It is starting to feel like the calm before the storm as muted and quiet activity appears across both spot, derivative, and on-chain metrics.”
At the time of writing, Bitcoin had dropped 4% on the day and fallen below $33K during the morning’s Asian trading session. It remains within that sideways channel, however, although the movements are getting smaller in amplitude.
A Minor Miner Recovery
The analytics provider noted that miner accumulation had slowly begun again with the miner net position change metric returning to accumulation.
“This indicates that what sell-side pressure is coming from offline miners, is more than offset by accumulation by
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