Bull Market

Bitcoin

when

Grayscale Bitcoin Trust

Spot

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-enters-high-risk-zone-indicating-possible-bull-market-start/" data-wpel-link="internal">Bitcoin Enters High-Risk Zone Indicating Possible Bull Market Start</a> 
  
Crypto analytics platform Glassnode states that on-chain indicators assessing <a href="https://en.coin-turk.com/bitcoin-whales-activities-shed-light-on-market-trends-amid-regulatory-challenges/" data-wpel-link="internal">Bitcoin</a>‘s (BTC) value have entered a “high-risk” area, which could signify the early stages of a bull market. 
<h2 id="glassnode-s-report">Glassnode’s Report</h2> 
Glassnode, in a post dated February 10, shared that an indicator determining Bitcoin’s long-term valuation compared to its market value has risen above the “medium risk” zone and is now in the “high risk” band. In an earlier report on February 8, it also noted that high risk levels are typically observed at the initial stages of a Bitcoin bull market, as they indicate long-term investors have returned to profitability. 
The Market Value to Realized Value (MVRV) indicator for long-term holders aims to determine when Bitcoin is overvalued or undervalued compared to its “fair value.” Glassnode assigned a “high” or “very high” risk rating to seven out of ten total indicators, including supply profitability status and net unrealized profit-loss. 
<img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-313592 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/02/glassnode-scaled.jpg" alt="" width="2560" height="1474"> 
<h2 id="interest-in-etfs">Interest in ETFs</h2> 
Glassnode, noting that Bitcoin block space demand and short-term profits for new investors are definitely in the “low risk” categories, added that sales have decreased following the approval of spot Bitcoin exchange-traded funds (ETFs) in the US. According to CoinGecko, Bitcoin’s price steadily increased last week, rising from $42,317 on February 4 to $48,582. Last week’s strength in Bitcoin was attributed to decreased outflows from Grayscale Bitcoin Trust (GBTC) and $9.1 billion worth of inflows into nine spot Bitcoin ETFs since they launched on January 11. 
According to data from crypto analytics platform SoSoValue, new United States Spot Bitcoin ETFs recorded their largest entry day on February 9 with $541 million in net inflows. Additionally, Grayscale’s GBTC marked its lowest day on February 9 with only $51.8 million in outflows, a 91% decrease compared to the record daily outflow of $620 million on January 23. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-enters-high-risk-zone-indicating-possible-bull-market-start/" data-wpel-link="internal">Bitcoin Enters High-Risk Zone Indicating Possible Bull Market Start</a></h5>

Bitcoin Enters High-Risk Zone Indicating Possible Bull Market Start

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