Glassnode: Speculators are Leaving the Crypto Market

According to analysts from analytical firm Glassnode, volatility and trading volumes in Bitcoin have fallen to multi-year lows by the end of the year. Due to the departure of speculators, the number of coins at the disposal of hodlers has reached a record.

As the bear market intensified in May, which caused Bitcoin to drop 75% from its all-time high, there was a wide-ranging deleveraging. Earlier this month, the level of realized volatility dropped to its lowest level in more than 2 years.

The futures market has experienced a similar trend. Daily trading volumes for Bitcoin and Ethereum-based derivatives have fallen to the $9.5-10.5 billion range, which clearly reflects the problems of many market makers and crypto lending platforms.

After FTX filed for bankruptcy last month, open interest in crypto dropped sharply.