In a period of strong upside action, these investors might be positioning themselves for the next upward trend. According to Glassnode, the metric experienced a sharp increase as traders added longs during the breakout to new all-time highs. While the price of Bitcoin has slightly pulled back, the flagship asset is currently testing these positions, which aids in resetting leverage.
As of Tuesday, the monthly average of net taker volume has shifted from an extreme low of –$400 million to an almost perfectly neutral level. This hints at a true shift in dominance between buying and selling pressure, and a similar trend happened during the April correction.
