The world’s largest cryptocurrency has been languishing around $47,000, well below early November’s highs of nearly $69,000.

The malaise surrounding Bitcoin runs far deeper than its price.

The world’s largest cryptocurrency has been languishing around $47,000, well below early November’s highs of nearly $69,000. A look under the hood helps explain why: Trading volumes have dried up, futures open interest is plunging and the number of active addresses has stalled out.

Taken together, the data paint a picture of diminished animal spirits after Bitcoin peaked following the fall launch of the first U.S. futures-tracking exchange-traded funds. Dip buyers – a once-reliable fixture in cryptocurrency markets – have yet to meaningfully reemerge even after a 33% drawdown. Meanwhile, after billions of dollars worth of leveraged positions were flushed out in last month’s flash crash, new investors have yet to fill the void.

“There was a lot of leverage in the system in

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