Bitcoin

<p>The Bitcoin (BTC) price has been recently consolidating in a very tight range of $65,000-$66,000 amid investor boredom and apathy with a staggering 87% of the circulating supply currently sitting in profit. If the BTC price fails to give a decisive upside, we could be seeing profit booking as well leading to a <a href="https://coingape.com/bitcoin-btc-price-drop-to-60000-coming-as-per-on-chain-data/" target="_blank" rel="noopener">BTC price drop</a> to $60,000.</p> 
<h3 id="a-look-at-bitcoin-mvrv-ratio">A Look At Bitcoin MVRV Ratio</h3> 
<p>As per the Glassnode Researchers, the Bitcoin market value to realized value (MVRC) metric shows that the average coin holds an unrealized profit is around 120%, last seen during the Bitcoin ATH in March. Interstingly, the MVRV ratio remains above the baseline highlighting that the macro uptrend remains intact.</p> 
<p><a href="https://coingape.com/price/bitcoin/" target="_blank" rel="noopener">As of now, the</a> Bitcoin price is stabilizing and consolidating between the standard deviation range of 0.5 to 1.0. This shows that despite the choppy market conditions, investors are sitting on higher profits.</p> 
<figure id="attachment_203314" aria-describedby="caption-attachment-203314" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-203314" src="https://coingape.com/wp-content/uploads/2024/06/bitcoin-MVRV-Deviation.png" alt="" width="1600" height="921" srcset="https://coingape.com/wp-content/uploads/2024/06/bitcoin-MVRV-Deviation.png 1600w, https://coingape.com/wp-content/uploads/2024/06/bitcoin-MVRV-Deviation-300x173.png 300w, https://coingape.com/wp-content/uploads/2024/06/bitcoin-MVRV-Deviation-1224x705.png 1224w, https://coingape.com/wp-content/uploads/2024/06/bitcoin-MVRV-Deviation-768x442.png 768w, https://coingape.com/wp-content/uploads/2024/06/bitcoin-MVRV-Deviation-1536x884.png 1536w, https://coingape.com/wp-content/uploads/2024/06/bitcoin-MVRV-Deviation-150x86.png 150w" sizes="(max-width: 1600px) 100vw, 1600px">
 <figcaption id="caption-attachment-203314" class="wp-caption-text">
  Courtesy: <a rel="nofollow" href="https://insights.glassnode.com/the-week-onchain-week-25-2024/" target="_blank">Glassnode</a>
 </figcaption>
</figure> 
<p>Ever since the March all-time high levels, the <a href="https://coingape.com/price/bitcoin/" target="_blank" rel="noopener">BTC price</a> has been unable to sustain the upward journey. This shows that the BTC demand is not increasing sufficiently to establish a decisive upward momentum.</p> 
<h3 id="bitcoin-trading-activity-disappoints">Bitcoin Trading Activity Disappoints</h3> 
<p>Despite the strong profitability of <a href="https://coingape.com/bitcoin-short-term-investment-hits-new-highs-with-etf-popularity/" target="_blank" rel="noopener">Bitcoin investors</a>, the total transaction volume processed on the Bitcoin network has dropped considerably since reaching its all-time high. This development highlights waning interest among speculators and increased uncertainty in the market.</p> 
<p>Also, a major trend is emerging in the Bitcoin spot volume traded across major exchanges. this highlights the close relation between the trade volumes and the on-chain settlement volumes, thereby indicating a prevailing sentiment of investors disinterest.</p> 
<figure id="attachment_203320" aria-describedby="caption-attachment-203320" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-203320" src="https://coingape.com/wp-content/uploads/2024/06/Bitcoin-trading-volume.png" alt="" width="1600" height="921" srcset="https://coingape.com/wp-content/uploads/2024/06/Bitcoin-trading-volume.png 1600w, https://coingape.com/wp-content/uploads/2024/06/Bitcoin-trading-volume-300x173.png 300w, https://coingape.com/wp-content/uploads/2024/06/Bitcoin-trading-volume-1224x705.png 1224w, https://coingape.com/wp-content/uploads/2024/06/Bitcoin-trading-volume-768x442.png 768w, https://coingape.com/wp-content/uploads/2024/06/Bitcoin-trading-volume-1536x884.png 1536w, https://coingape.com/wp-content/uploads/2024/06/Bitcoin-trading-volume-150x86.png 150w" sizes="(max-width: 1600px) 100vw, 1600px">
 <figcaption id="caption-attachment-203320" class="wp-caption-text">
  Courtesy: Glassnode
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</figure> 
<p>Glassnode data reveals a significant drop in Long-term Holder (LTH) investor activity, reflected in the minimal percentage of LTH balances being sent to exchanges, which stands below 0.006%. This indicates that LTHs have reached a state of equilibrium, where price adjustments—either higher or lower—are needed to prompt more active trading behavior among this group.</p> 
<p>The post <a href="https://coingape.com/bitcoin-unrealized-profits-surge-above-120-btc-exchange-volume-tumbles-signs-of-concern/">Bitcoin Unrealized Profits Surge Above 120%, BTC Exchange Volume Tumbles, Signs of Concern?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.</p>

Bitcoin Unrealized Profits Surge Above 120%, BTC Exchange Volume Tumbles, Signs of Concern?

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