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Crypto traders avoid risk and shelter in stablecoins as the market reaches a turning point

Published 06/06/2023, 03:45 PM
Updated 06/06/2023, 05:20 PM
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On-chain analytics firm Glassnode published a report hinting that investors are rotating capital toward risk-off assets like stablecoins and Bitcoin. Technicals show that altcoins are at a crucial turning point between a positive and a negative breakout.

Glassnode’s analysis of Uniswap and futures trading volumes reveals that the uptrend that began in the first quarter of 2023 began cooling off in April, with regulatory concerns and a lack of liquidity promoting risk-off tendencies among traders.

BTC vs ETH perpetual volume dominance. Source: Glassnode
Bitcoin dominance over the crypto market. Source: TradingView
The market capitalization of cryptocurrencies excluding Bitcoin. Source: TradingView

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