Glassnode, a company that analyzes blockchain data, reported on Wednesday that Bitcoin is currently experiencing a period of quiet trading and limited investor enthusiasm, with few people buying or selling.
Trading activity is still low, and Binance’s trading volume over the past month remains below average. This suggests that the recent price stability isn’t driven by genuine, increased interest from buyers.
Bitcoin reached a three-week high of $72,700 on Wednesday following news of a temporary ceasefire between the U.S. and Iran. However, it quickly dropped during Asian trading on Thursday morning, falling below $71,000. According to Glassnode, the price remains within a range characteristic of a bear market.
Bitcoin rallied from $67,000 to $72,000, but the rebound feels fragile. While ETF inflows are starting to improve slightly, current demand and futures trading don’t indicate a truly strong recovery.
Read the full Week On-Chain
— glassnode (@glassnode) April 8, 2026
Expect Major Volatility
Reports indicate Iran is restricting ship traffic through the Strait of Hormuz, causing crude oil prices to rise to $97 a barrel. According to Santiment, markets reacted to President Trump’s announcement of a two-week ceasefire by immediately buying assets, suggesting investors saw it as a positive development.
With so much conflicting information available, investors should act as if the positive news is already priced in. However, significant market swings are still likely.
CryptoQuant analyst Darkfost has noticed a significant drop in the number of Bitcoin addresses sending funds to exchanges. This decrease suggests a slowdown in overall market activity.
The number of unique Bitcoin exchange deposit addresses has dropped significantly, reaching a ten-year low of about 31,000 per day. This level hasn’t been seen since 2017 and is considerably lower than the usual average of 47,000 per day.
Typically, a significant drop in the number of active cryptocurrency addresses happens later in a bear market, as people lose interest.
Crypto Market Gains Erode
The total market value decreased by 1.3% to $2.49 trillion, starting to reverse gains made earlier in the week. Ethereum‘s price was down slightly at $2,180, and most alternative cryptocurrencies (altcoins) were also losing value, with significant drops for XRP, Solana, Dogecoin, Cardano, Chainlink, and Monero.
Raoul Pal, CEO of RealVision, expressed optimism, noting that global and US liquidity are both increasing, as is liquidity in China. He believes these trends are positive for riskier investments.
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2026-04-09 09:08