The leading cryptocurrency may be entering a new bearish phase due to investors’ reduced risk appetite, according to CryptoQuant.
Experts pointed to the Inter-Exchange Flow Pulse metric, which shows a movement of coins from derivatives to spot platforms, perceived as a negative signal.
“This usually occurs when longs are closed and major investors reduce their risk exposure. The indicator has turned downward, which is traditionally associated with the start of a downward price movement,” explained the specialists.
The cryptocurrency fear and greed index fell from 54 to 51 points in a day, maintaining its position in the neutral zone.
Earlier, Standard Chartered predicted Bitcoin could exceed $100,000 after the weekend.
Previously, CryptoQuant recorded a significant decline in transactional activity on the network of the leading cryptocurrency and pointed to a “cleansing” of the market from excessive leverage.