The four most famous international exchanges:

Binance INTL	OKX INTL	Gate.io INTL	Huobi INTL
China Line　APP DL	China Line　APP DL	China Line　APP DL	China Line　APP DL

Note: The above exchange logo is the official website registration link, and the text is the APP download link.

Bitcoin has been facing significant selling pressure over the past 24 hours, marking an extension that first occurred earlier this month when it broke below $9,000 — a previous support level that BTC bulls have been fervently defending.

This recent downtrend has caused retail interest in Bitcoin to plateau, as data around exchange deposits and inflows suggest that investors currently have little appetite for the cryptocurrency.

Bitcoin’s price faces volatility amid a market-wide sell-off

At the time of writing, Bitcoin is currently trading slightly higher at its current price of $8,530, marking a sharp decline from its weekly highs of just over $9,000 last Sunday.

Despite the recent decline, it is worth noting that BTC is still trading well above the 30-day low of $7,300 set in late October, before a major rally that sent its price soaring to highs of $10,600.

In the short term, the lower-$8,000 region does serve as a strong support level that will reinforce BTC’s price action in the hours and days ahead.

Are retail investors losing interest in BTC?

The inability of Bitcoin bulls to gain any significant upward momentum could indicate the likelihood that the cryptocurrency will suffer further losses in the near term, a fact further supported by the fact that inflows are decreasing, suggesting a reduced interest in the market among retail investors.

Glassnode, a group focused on blockchain analytics, spoke about this data in a recent tweet, arguing that it indicates a “low trading appetite” among investors.

“Exchange deposits and inflows for $BTC continued to decline over the last week, indicating low investor trading interest,” they noted while referencing the chart below.

Source: Glassnode

Furthermore, according to Glassnode, exchange deposits have declined significantly over the past month.

Source: Glassnode

Assuming this trend continues into the future, the continued decline in interest among investors could translate into lower trading volumes, making BTC increasingly prone to facing further downside.