Bitcoin (BTC) has gone silent over the weekend. CryptoQuant CEO Ki Young Ju said, in a recent post on X (formerly Twitter), that Bitcoin’s velocity has declined to a three-year low. He said this could either be considered positive, as whales were holding on to their positions, or negative because the transfer to new investors was not happening.
The range-bound action continues to perplex investors with regard to the next possible trending move. In that respect, there was positive commentary from JPMorgan (NYSE:JPM) analysts who said that Bitcoin’s downtrend could be ending. They believe that the declining open interest in Bitcoin futures contracts on the Chicago Mercantile Exchange suggests that the long liquidation is over.