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Upbit's trading volume also fell below 1 trillion won... Investor sentiment 'rapidly chilling' as Bitcoin falls below 95 million won
▲ Upbit coin market, investor sentiment rapidly chilling/AI generated image
The domestic cryptocurrency market saw a deepening wait-and-see attitude over the weekend, with Bitcoin (BTC) and major altcoins uniformly showing weakness. Bitcoin once again fell below 95 million won, and Upbit's total trading volume also dipped below 1 trillion won, indicating a rapid contraction in investor sentiment.
According to Upbit, as of 8:50 PM KST on July 5, Bitcoin was trading at 94,558,000 won, down 0.72% from the previous day. It briefly rose to 95,266,000 won during the day but then fell to 94,254,000 won due to selling pressure. At the same time, major altcoins also showed overall weakness, with Ethereum (ETH) at 2,656,000 won (-1.08%), Solana (SOL) at 121,600 won (-1.38%), Worldcoin (WLD) at 616 won (-4.05%), Stellar Lumens (XLM) at 300 won (-3.54%), and Mira Network (MIRA) at 77.3 won (-6.08%).
Trading also significantly decreased. According to Upbit Datalab, the 24-hour trading volume for the entire market was 959.229 billion won, falling below 1 trillion won. The day's trading volume also only reached 599.252 billion won. Trading volume decreased by 4.99% in the last 24 hours, reflecting a market atmosphere where a wait-and-see sentiment prevails over active trading by investors.
The contraction in investor sentiment was also confirmed by major Upbit indices. The Upbit Composite Index fell by 0.77% to 9,848.43, and the Upbit Altcoin Index, Upbit10 Index, and Upbit30 Index decreased by 1.18%, 1.12%, and 1.06% respectively. The Bitcoin Group and Ethereum Group indices also fell together, indicating a widespread risk-off sentiment across the market.
Analysis suggests that the reluctance of market participants to engage in active buying is due to caution ahead of macroeconomic events. This week, the release of the US Federal Open Market Committee (FOMC) minutes and the announcement of the US services Purchasing Managers' Index (PMI) are scheduled. Investors are in a mood to determine direction after confirming the Fed's interest rate stance and the US economic trend. Additionally, the full-scale start of the US stock market's second-quarter earnings season is cited as a factor restricting risk asset investment sentiment.
In the short term, the recovery of trading volume is identified as a key variable for a market rebound. If Bitcoin fails to recover 95 million won again, short-term selling pressure may continue. Conversely, if trading volume increases to over 1 trillion won again and major macroeconomic events are interpreted as market-friendly, investor sentiment could gradually recover. For the time being, there is a strong possibility that a volatile market will continue amidst low trading volumes.
*Disclaimer: This article is for investment reference only, and we are not responsible for investment losses based on it. The content should be interpreted for informational purposes only.*
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