China’s suspension of crypto activities exacerbated Bitcoin’s price, it declined down below $31,000 from $65,000 in a month, along with the fear and greed index remaining intact below 20, showing the market is under fear. However, statistics showed crypto interest remained positive.
Matthew Gould, the CEO of Unstoppable Domains noted that domain names registered on the Ethereum blockchain have grown by nearly 25,000 over the past week and were on pace for over 500% YoY growth despite the selloff, with the usage of blockchain apps continuing to grow.
Founder of CryptoQuant Ki Young Yu tweeted that the exchange inflow of BTC from the whale has cooled down, referring to the data. Another chart also showed the stablecoins inflow to all exchanges has increased to 13.3 billion even in the bearish market, suggesting that they are a bullish sign of the market.
By referring to Bitcoin’s Network activity ratio, “There’s an immense amount of activity on the network between investors compared to the valuation,” Willy Woo said, “This is just a middle of the bull market derivatives unwind,”