At press time, Bitcoin was trading in the red zone at $35,805, over 10% lower in the last 24-48 hours as per data from CoinGecko.
As per data from Glassnode, the exchange netflow volume at the time of writing stood at 1,4992 BTC.
Glassnode further pointed out that the total BTC supply last active in five to seven years has gone up from approximately 660K as of 1 April to around 682K as of 6 May.
As per additional data from Glassnode, the number of spent outputs with a lifespan of three to six months further reached a monthly all-time high.
Since the BTC ratio is closer to the lower side of the 1-3.5 range, it depicts a strong indication of the token being in a bear market and further indicates that the token is being held at a loss at the moment.
The fall of the king token has not just impacted its stability as a safe investment but has also led to countries becoming skeptical about their ongoing investments in the token.
Aashna is a news editor with AMBCrypto and is particularly interested in the how and what of blockchain technology, along with its vast applications.
Disclaimer: AMBCrypto’s content is meant to be informational in nature and should not be interpreted as investment advice.