According to Golden Finance, Bitcoin traders are taking a wait-and-see attitude as demand weakens, lack of blockchain activity and slowing liquidity inflows. Their attitude is not only reflected in the decline in volatility, but also in the sharp decline in holdings. “The market is now in a cooling phase,” said David Gogel, vice president of strategy and operations at the dYdX Foundation. “Bitcoin has been firm, but after failing to break through $105,000 in January, we have seen slowing inflows and speculative assets like Meme Coin have been hit.”