Today, on-chain analytics provider Glassnode published its weekly market update, but there wasn't much of a big deal.
Markets have barely moved over the past week, and price volatility is at historic lows. The Bitcoin market has reached a "rest," according to the report before adding that price volatility and several key on-chain indicators are hitting all-time lows.
Investors are reaching an all-time low in "willingness to spend tokens on-chain," the report notes.
"Bitcoin market conditions continue to resemble bear market conditions seen in previous cycles, with large crypto assets held by long-term bullish holders."
The 'Realized Cap' metric that represents the cumulative capital flow since inception. More than $16 billion in value has flowed into Bitcoin so far this year, but growth is seen to be very slow compared to previous cycles.
Further, this sluggish trend could be exacerbated by the fact that the vast majority of the Bitcoin market is still affected in their holdings, he said. This can create further resistance throughout recovery.
The report added that the supply held by long-term holders continued to increase, reaching a peak of 14.6 million BTC. In contrast, the supply of short-term holders has fallen to a multi-year low of 2.56 million BTC, he said.
"Overall, this shows that Bitcoin investor confidence still remains high with very few willing to liquidate their holdings."
Further, the index of fear and greed, which currently shows a reading of 53, has remained neutral for several months with no movement in either direction.
On the other hand, the United States is still pressuring the crypto market and Ripple can still falter. In addition, the shadow of recession still haunts America, which leads to a lack of money to invest in high-risk assets.
As evidenced by on-chain analysis, the crypto market is still resting this week. The total market capitalization is still at the same level as five months ago, which is $1.2 trillion.
Bitcoin is trading at $29,336, while Ethereum is still stuck at $1,840 at the time of writing.
On the positive side, the crypto market is still up 46% since the beginning of the year and has moved from the bottom of the bear cycle, so this shows it's not all doom and gloom.
Further, some analysts have predicted a new BTC halving peak in eight months, although at the moment it still looks slim to happen.
