Glassnode Analysts Observe a Summer Lull in Cryptocurrency Market Activity

Key indicators of activity in the cryptocurrency market suggest the arrival of a «summer lull,» according to experts from Glassnode.

They believe that the decline in trading volumes is a sign of decreasing interest from investors and a slowdown in on-chain activity.

The researchers also calculated the total unrealized profit to be $1.2 trillion.

CryptoQuant analyst Burak Keshmeci noted that 12 days ago, the MVRV indicator bounced off the 365-day moving average (SMA365), reaffirming its significance as a stable level of mid-term support.

It’s worth mentioning that on-chain activity has decreased to levels seen in October 2023, while the Bitcoin mempool is nearly empty.