Investors showed little interest in Bitcoin in Q3 as crypto exchange volume fell and selling pressure increased. Since early August, Bitcoin has struggled to maintain a price above $60K, with muted price action continuing into September. A Glassnode report highlighted a reduced trading appetite among BTC traders, citing low exchange volumes as a sign of weak demand. The report also noted significant selling pressure in the spot market throughout Q3. Bitwise attributed the weak performance to seasonal trends, noting that BTC often performs poorly in late summer but tends to rebound in October. Meanwhile, QCP Capital mentioned that the recent Trump-Harris debate could influence market sentiment, potentially triggering a risk-off event. Currently, BTC is trading at $57K, awaiting the US August CPI data.

Since early August’s massive sell-off, Bitcoin [BTC] has struggled to stay above $60K. The muted price action has persisted in the first half of September. According to a Glassnode report, this weak price action has led to a “reduced trading appetite” from BTC traders. Part of its latest report cited low crypto exchange volumes and read, The report added that a crypto exchange is center of price discovery and speculation activity. So, a contracting volume on this front signaled weak demand from BTC traders and investors. BTC selling pressure intensifiesGlassode also noted that the spot market witnessed overall sell pressure in August and the entire quarter. Using the spot CVD (Cumulative Volume Delta), which tracks the net balance between buy and sell volumes, the metric was overwhelmingly negative in Q3. On its part, Bitwise cited seasonality as a likely factor in BTC’s weak performance and sentiment in Q3, particularly in September. The asset manager illustrated that BTC has historically posted negative returns in August and September. However, the firm noted a general trend of poor summer performance across all assets, as investors adopt the ‘sell in May and go away’ mantra. That said, October has historically been a great month for BTC, with an average return of nearly 30%. If the trend repeats, this might signal a strong rebound for BTC in Q4. However, according to crypto trading firm QCP Capital, there’s one caveat. Per QCP Capital, the recent Trump-Harris debate showed no strong lead among the candidates and could trigger a risk-off event. At press time, BTC traded at $57k, a few hours before the US August CPI (Consumer Price Index) data. 