BTC Demand Growth: Signs of Consolidation's End

IconCryptoNewsTerminal Staff20 Aug, 2024

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BTC Demand Growth: Signs of Consolidation's End

CryptoQuant contributor Alex Adler Jr. analyzed that the growth of BTC demand indicates the end of a consolidation phase. After BTC reached $57,000, the daily average token transfer volume jumped from $650K to $765K, likely due to panic selling. Despite this, BTC's price has remained stable, suggesting a steady demand. This analysis highlights the growing interest in BTC as a store of value and potential signs of an upcoming bull run.