Bitcoin

Flash

<ul> 
 <li><strong>Recent research from Glassnode highlights that the majority of BTC investors remain profitable, with over 87% of the circulating supply held in profit.</strong></li> 
 <li><strong>Glassnode’s analysis using the market value to realized value (MVRV) metric reveals that Bitcoin continues to show significant profitability, up over 120% from its purchase price.</strong></li> 
</ul>  
<p>New research indicates that Bitcoin remains “largely profitable” despite months of sideways price action. In the latest edition of its weekly newsletter, <em>The Week On-Chain</em>, published on June 18, analytics firm Glassnode debunked myths regarding investors’ unrealized losses.</p> 
<p><iframe title="Bitcoin Price Stabilizes at $65,000: Will It Rise to $70,000 or Drop to $60,000 Next?" width="788" height="443" src="https://www.youtube.com/embed/pTl7NU-TNgY?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe></p> 
<p>Bitcoin (BTC) is currently trading around $66,409, moving within a narrow range, as <a href="https://www.crypto-news-flash.com/bitcoin-price-stalls-at-64807-as-cash-and-carry-strategy-dominates-market/" target="_blank" rel="noopener">reported by Crypto News Flash</a>. Glassnode described the current BTC price behavior as “establishing equilibrium,” highlighting several on-chain metrics that suggest Bitcoin is in a period of consolidation rather than capitulation.</p> 
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 <div class="mcw-chart mcw-chart-light" data-font="inherit" data-coin="bitcoin" data-symbol="BTC" data-currency="USD" data-rate="1.000268" data-type="chart" data-view="month" data-theme="light" data-smooth="true" data-areacolor="" data-bgcolor=""></div>
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<p>“Sideways price movement tends to manifest as investor boredom and apathy, which appears to be the dominant response across all Bitcoin markets,” the report noted. The Glassnode Researchers <a href="https://insights.glassnode.com/the-week-onchain-week-25-2024/" target="_blank" rel="nofollow noopener">noted</a>:</p> 
<blockquote>
 <p>BTC prices are consolidating within a well-established trade range. Investors remain in a generally favourable position, with over 87% of the circulating supply held in profit, with a cost basis below the spot price.</p>
</blockquote> 
<p>Researchers used the market value to realized value (MVRV) metric to show that, on average, a given amount of BTC is still up by over two times, or 120%, compared to its purchase price in USD terms. Currently, the one-year average MVRV value stands at 86%. “The MVRV Ratio remains above its yearly baseline, suggesting that the macro uptrend remains intact,” noted Glassnode.</p> 
<h3 id="bitcoin-trading-volumes-take-a-hit">Bitcoin Trading Volumes Take A Hit</h3> 
<p>Despite strong investor profitability, the volume of transactions on the Bitcoin network has significantly declined since the all-time high (ATH), indicating a reduced appetite for speculation and increased market indecision. A similar trend is observed in the spot volume traded across major centralized exchanges, highlighting a strong correlation between on-chain network settlement volumes and trade volumes, and reflecting a sentiment of investor boredom.</p> 
<figure id="attachment_731829" aria-describedby="caption-attachment-731829" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class="size-large wp-image-731829" src="https://www.crypto-news-flash.com/wp-content/uploads/2024/06/Bitcoin-trading-volume-1200x691.png" alt="" width="788" height="454" srcset="https://www.crypto-news-flash.com/wp-content/uploads/2024/06/Bitcoin-trading-volume-1200x691.png 1200w, https://www.crypto-news-flash.com/wp-content/uploads/2024/06/Bitcoin-trading-volume-300x173.png 300w, https://www.crypto-news-flash.com/wp-content/uploads/2024/06/Bitcoin-trading-volume-768x442.png 768w, https://www.crypto-news-flash.com/wp-content/uploads/2024/06/Bitcoin-trading-volume-1536x884.png 1536w, https://www.crypto-news-flash.com/wp-content/uploads/2024/06/Bitcoin-trading-volume-150x86.png 150w, https://www.crypto-news-flash.com/wp-content/uploads/2024/06/Bitcoin-trading-volume-450x259.png 450w, https://www.crypto-news-flash.com/wp-content/uploads/2024/06/Bitcoin-trading-volume.png 1600w" sizes="(max-width: 788px) 100vw, 788px">
 <figcaption id="caption-attachment-731829" class="wp-caption-text">
  Courtesy: Glassnode
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</figure> 
<p>Bitcoin short sellers are likely hoping the asset won’t reach $70,000 soon, as a significant amount of liquidations are at risk if it does. According to CoinGlass <a href="https://www.coinglass.com/pro/dashboard/bitcoin" target="_blank" rel="nofollow noopener">data</a>, a substantial $1.67 billion in short positions will be liquidated if Bitcoin returns to $70,000, a level it has been trading below since June 8.</p> 
<p>Pseudonymous crypto trader Ash Crypto noted in a post on June 17 that there is a significant accumulation of Bitcoin short liquidations occurring at higher price levels, per the <a href="https://www.crypto-news-flash.com/bitcoins-price-stability-analysts-divided-over-market-bottom-at-65000-is-70000-or-60000-next/" target="_blank" rel="noopener">Crypto News Flash report</a>.</p> 
<p>Bitcoin’s open interest (OI), representing the total value of all outstanding Bitcoin futures contracts across exchanges, has declined by 10.99% since its peak on June 7, now standing at $33.55 billion.</p> 
<p>Willy Woo, a popular crypto analyst, proposed that a significant liquidation event could pave the way for Bitcoin to achieve new all-time highs. The analyst noted:</p> 
<blockquote>
 <p>We need a solid amount of liquidations still before we get the all clear for further bullish activity. I know it sucks, but BTC is not going to break all time highs until more pain and boredom plays out.</p>
</blockquote>

Bitcoin on Sale? Price Consolidates at $65,000 – Is $70,000 or $60,000 Next?

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Crypto News Flash

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