On-chain analytics firm Glassnode released its weekly cryptocurrency market report on the 29th. Spot trading volumes are at their lowest since 2019 on a Bitcoin count basis, with inactive inflows and outflows to exchanges, and a thinning order book was noted.
Particularly, U.S. Treasury yields have been outperforming cryptocurrency carry trades, deterring potential new buyers from purchasing cryptocurrencies and preferring to hold onto cash...
