According to recent research, trading volume on Bitcoin (BTC) exchanges is declining as investors cope with persistent macroeconomic uncertainty. According to CryptoQuant data, daily BTC volumes are at lows rarely seen since 2018. The US Federal Reserve's actions have investors anticipating a possible recession.

Bitcoin investors began to view cryptocurrencies as a long-term investment rather than short-term trading. They are more interested in holding onto their money, believing in its future value, rather than selling it immediately to make a profit.

Lately, times have been tough for Bitcoin speculators. Short-term holders are holding nearly all of their funds at unrealized losses and their cost basis is higher than the current spot price. CryptoQuant analyst Yonsei_dent noted that the cost base of various Bitcoin newcomers will act as "strong resistance."

On the other hand, external interest in BTC is also quite low. Google Trends data shows the lowest interest for the search term "Bitcoin" since October 2020.