CoinDesk's Indices Bitcoin Trend Indicator (BTI) has flipped to neutral from bullish, signaling a weakening of upside momentum. The BTI is a daily signal communicating the direction and strength of bitcoin's price trends through a purpose-built algorithm.
The Bitcoin BTI has been in an uptrend or significant uptrend zone since October 2023, when there were initial reports that major fund managers were in the final phase of discussions with the Securities and Exchange Commission (SEC) about the launch of spot bitcoin exchange-traded funds (ETF).
Despite the downturn, trading volumes remained robust, with BTC Spot ETFs recording a weekly trading volume of approximately $16.2 billion, averaging $3.2 billion per day. The cumulative trading volume since inception now stands at around $212 billion, with an average daily trading volume of approximately $3.3 billion.
Despite record performance in equity and crypto markets that may have helped to temporarily alleviate downward pressure on prices, second-hand prices [for watches] continued to contract sequentially.
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