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
 </figcaption>
</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?

목차

Coingape News Media

2024년 6월 20일에 게재된 다른 기사

Another Shock to Bitcoin Exchange Binance! After Nigeria, Criminal News came from this country to...

Worldcoin's Ecuador Expansion Move Boosts WLD Price

The Tapping Tale of Hamster Kombat: Crypto's Newest Gamified Craze - Is It Legit?

BitFlyer to Take Over FTX Japan in Billion Yen Deal

ASX’s first Bitcoin ETF taps $1.3M volume on first trading day

Coinbase Lists Pre-Launch Ethereum Restaking Protocol at $12.2 Billion Valuation

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!