https://www.newsbtc.com/news/dogecoin/dogecoin-plunges-7-as-whales-make-large-moves/

Dogecoin has plunged more than 7% during the past day as data shows that whales have made some large movements.

Dogecoin Whales Move Large Amounts On The Chain

According to data from the cryptocurrency transaction tracker service Whale Alert, five large transactions have been spotted on the DOGE blockchain during the last 24 hours.

Three of these transfers all saw the movement of the same amount of the meme coin: 600,000,018 DOGE worth $42,946,921 at the time the transactions took place.

The other two transactions were smaller and saw the travel of 337,520,424 DOGE ($24,159,104) and 399,999,992 DOGE ($28,631,279), respectively, across the network.

As all of these transfers saw the movement of such a large amount of Dogecoin, it’s likely that whale entities were behind them. Whales are humongous holders who carry significant amounts in their wallets, which makes them powerful existences on the network.

Surprisingly, all of these transfers were executed at the same time. Such large whale transactions aren’t exactly an everyday occurrence, so five of them happening simultaneously is interesting, to say the least.

Based on this and the fact that three of the transactions saw the movement of the exact same number of coins, the natural conclusion would emerge to be that the same entity was behind these transfers.

Indeed, as the blockchain data would confirm, all of these transfers have involved not only the same sending addresses but also the same destinations. This would imply that the investor or group of investors behind these transactions may have made all of these moves with the same goal in mind.

Here are some additional details regarding one of these Dogecoin transactions, which may provide hints about the reason behind why the transfers may have been done:

Both the sending and the receiving addresses here seem to be unknown wallets, meaning that they are unattached to any known centralized platform (like an exchange). Generally, such wallets are investors’ personal wallets, which they may use for keeping their coins in for extended periods.

It’s always hard to say what the purpose behind a transaction between two unknown wallets may have been, as it could be anything from a simple change of addresses, to a sale made through over-the-counter (OTC) deals.

Usually, investors deposit to exchanges when their aim is selling, so it’s possible that the transactions in the past day may not have been because of the whale planning to sell.

However, as mentioned before, them being done for selling through OTC deals is still a possibility. In the last 24 hours, since these transfers have been made, Dogecoin has observed a sharp plunge of 7%.

The crash isn’t limited to the meme coin, as in fact most of the market has seen bearish price action during the past day. The impulse of this plunge seems to have been the US SEC suing the cryptocurrency exchange Binance.

Given these circumstances, it’s possible that the Dogecoin whale in question may have participated in the selloff after all.

DOGE Price

At the time of writing, Dogecoin is trading around $0.0667, down 8% in the past week.

https://www.newsbtc.com/bitcoin-news/bitcoin-current-position-sensitive-glassnode-explains-why/

Data from Glassnode shows that the current Bitcoin price is where the cost basis of a large number of coins lies. Here’s what this means.

780,000 BTC Was Acquired Near The Current Spot Prices

According to data from the on-chain analytics firm Glassnode, 4.6% of the entire circulating Bitcoin supply has its acquisition price near the current spot prices of the asset.

The relevant indicator here is the “entity-adjusted UTXO Realized Price Distribution (URPD),” which, in simple terms, tells us about how the cost basis of the investors is distributed right now.

The cost basis here refers to the price at which they bought their coins, so this distribution shows us at which price how many coins were acquired by the holders.

Note that this indicator has been adjusted for entities, meaning that all internal movements between the wallets owned by a single investor are removed from this data (an “entity” refers to a collection of addresses that Glassnode has identified to belong to the same holder).

Naturally, this adjustment has been made because any movement between the addresses of the same entity would otherwise count as a sale. Thus, a fresh cost basis would be given to the investor (when in reality, it wouldn’t be so).

Now, here is a chart that shows what the URPD in the Bitcoin market looks like right now:

As highlighted in the above graph, the levels around the current spot price of the cryptocurrency seem to be the largest center of cost basis in the market right now.

In total, 780,000 tokens were purchased at these prices, which amount to around 4.6% of the entire circulating supply of the cryptocurrency. Because of this reason, the current price range that Bitcoin is trading in might be crucial for where the asset could go from here.

“With such large swathes of Bitcoin concentrated within a tight price range, a move in either direction would send a significant amount of coins into a position of profit or loss, highlighting the acute sensitivity of our current position,” explains Glassnode.

Major cost basis centers have historically played a notable role in the market because they act as important psychological levels. During bearish trends, investors prefer to sell when the prices fall to their cost basis, as they want to avoid getting into a loss. Similarly, holders prefer to buy more at their cost basis during bullish trends, considering it a profitable buying opportunity.

It remains to be seen how the market will respond to the current situation in the coming days.

BTC Price

At the time of writing, Bitcoin is trading around $26,000, down 5% in the last week.

https://www.newsbtc.com/news/ethereum/ethereum-top-10-whales-hold-31-8m-eth-all-time-high/

On-chain data shows the ten largest whales on the Ethereum network are now holding 31.8 million ETH, a new all-time high.

Ethereum Holdings Of Top 10 Whales Have Now Surpassed August 2015 ATH

According to data from the on-chain analytics firm Santiment, the largest ETH whales have grown their supplies recently. The largest whales here refer to the ten largest addresses on the Ethereum network that aren’t associated with a centralized platform.

Santiment has identified such self-custodial addresses, and entities like exchanges have been excluded here because their role in the sector is different from that of the normal whales.

As the whales hold huge amounts in their wallets, they can significantly influence the market since their movements may produce noticeable effects on the price.

Thus, The ten largest whales are the most powerful investors on the network. Naturally, since their behavior may impact the market, their movements are worth watching.

Now, here is a chart that shows how the combined balance of these large Ethereum whales has changed since the cryptocurrency first started trading back in 2015:

As you can see in the above graph, the largest players in the Ethereum ecosystem have been constantly growing their supplies in the last few years.

However, there was an exception to this trend when the bear market started in 2022 and crashes like the LUNA collapse and the 3AC bankruptcy occurred.

These investors’ holdings had shrunk during this period, implying that they may have been participating in the market selloff.

It wasn’t long, however, before these humongous holders started accumulating again. Their buying spree has also continued into the rally this year, and interestingly, the last couple of months have seen the supply of these investors observing an even sharper uptrend.

The chart also shows the data for the Ethereum exchange supply, which is the total amount of ETH currently sitting in these platforms’ wallets.

It seems like when the whales started accumulating a few years back; the exchange supply had started heading down instead. This may imply that the coins being withdrawn towards self-custody were being absorbed by this cohort.

Though, while the exchange supply has continued to decline recently, its drawdown has been much weaker. As the top ten Ethereum whales have rapidly accumulated during the same period, it would appear that the source of their fresh buying isn’t from the exchange-held tokens anymore.

After this latest sharp accumulation, the ETH whales now hold a combined 31.8 million ETH ($59.47 billion), a new all-time high.

ETH Price

At the time of writing, Ethereum is trading around $1,800, down 2% in the last week.

https://www.newsbtc.com/bitcoin-news/pricing-models-bitcoin-stay-above-rally-continue/

Here are the pricing model lines that Bitcoin might have to stay above if the bullish momentum of the cryptocurrency has to continue.

These Bitcoin Pricing Models Are Currently Near The Spot Price

In a new tweet, the on-chain analytics firm Glassnode has pointed out how the three pricing models, the adjusted realized price, the short-term holder cost basis, and the 200-week MA, are all close to the asset’s value right now.

To understand the first and second models here, the “realized price” needs to be looked at first. The realized price is a pricing model derived from the realized cap, which is a capitalization model that assumes that the “real” value of each coin in the circulating supply is not the spot price, but the price at which it was last moved.

When this cap is divided by the total number of coins in circulation, the average cost basis or acquisition price in the market is obtained. This value, which the average holder on the network bought their coins at, is known as the realized price.

Now, the first pricing model, the “adjusted realized price,” is a modification of this indicator that drops from the data all holders who haven’t moved their coins since more than seven years ago.

Such old supply usually consists mostly of the coins that have been lost (perhaps due to the wallet keys no longer being accessible), which means that this part of the supply wouldn’t be relevant to the current market, hence why the indicator cuts it out.

As for the second model of interest here, the “short-term holder (STH) cost basis,” this metric keeps track of the realized price of specifically the investors who have been holding their coins since less than 155 days.

Here is a chart that shows how these Bitcoin pricing models have compared with the spot price during the past year:

As displayed in the above graph, the Bitcoin adjusted realized price currently has a value of $25,300, while the short-term holder cost basis has a value of $26,000.

Historically, these models have acted as both resistance and support for the price, depending on the wider trend. In bullish periods, they usually act as support so it’s possible that if the price drops deep enough to hit them, a rebound may happen.

The third line on the chart, the 200-week moving average (MA), is a model that aims to find the baseline momentum of the four year Bitcoin cycle. This line has also had some similar interactions with the price as the other two models.

The 200-week MA has a value of $26,300 right now, implying that it’s currently the closest line to the spot price. It now remains to be seen how the price interacts with these lines, starting with the 200-week MA, if a drawdown extended enough happens.

A successful retest of these lines would naturally be a positive sign for the rally, but a drop under them may be a signal that a transition back towards a bearish regime has occurred.

BTC Price

At the time of writing, Bitcoin is trading around $27,000, up 1% in the last week.

https://www.newsbtc.com/news/litecoin/litecoin-breaks-95-as-whale-transactions-spike/

Litecoin has recently managed to break past the $95 mark as on-chain data shows the whales have become active on the network.

Litecoin Has Surged After Spike In Whale Activity

According to data from the on-chain analytics firm Santiment, the current whale activity is the highest it has been since January. The relevant indicator here is the “whale transaction count,” which measures the total number of transfers taking place on the Litecoin network that involve the movement of coins worth at least $100,000.

Since such transactions are quite large in scale, generally only the whale entities are capable of making them. Thus, this indicator can provide us with an idea about the number of transfers that these humongous holders are making on the blockchain.

Due to the sheer number of coins involved in each of these transfers, if a large amount of them take place at once, the market can register noticeable fluctuations. So, whenever the whale transaction count has a high value, the price of LTC becomes more probable to display volatility.

On the other hand, when this metric has low values, the price may stay relatively calm, as it suggests that the whales aren’t making too many moves on the market right now.

Now, here is a chart that shows the trend in the Litecoin whale transaction counts over the last six months or so:

As shown in the above graph, the Litecoin whale transaction count has observed a large spike recently. This means that whales have ramped up their transfer activity in the last couple of days.

At the peak of this spike, the indicator had reached its highest level since January 26, 2023. These high values have come as the price has been going up, and since they have taken place, the uptrend has only continued further, with LTC managing to break past $95.

Generally, when whales become active, the price volatility can go either way as the transaction count metric only tells us about the pure number of transfers happening on the chain and not about whether they are buying or selling moves.

However, as the price has seemingly continued to rise following this latest spike, it may appear that the Litecoin whales could be supportive of the current uptrend.

The chart also includes the data for the transaction volume, which is a measure of the daily total amount of LTC that is registering some movement on the blockchain.

This indicator has also seen a rapid increase recently, suggesting that users are moving around large amounts on the network currently. Such a trend is generally a sign of activity being high throughout the network and is often constructive for the price.

This new surge in the price of Litecoin has come as the halving, an event where the coin’s block rewards will be permanently cut in half, is just a couple of months away now.

LTC Price

At the time of writing, Litecoin is trading around $95, up 9% in the last week.

https://www.newsbtc.com/news/ripple/xrp-hype-spikes-price-surges-12-will-lead-to-top/

Data shows the hype around XRP has spiked as the asset has registered a 12% gain during the past week, something that may lead to a top.

XRP Social Dominance Has Surged To High Values Recently

According to data from the on-chain analytics firm Santiment, crowd optimism around XRP has shot up recently. A relevant indicator here is the “social volume,” which measures the total number of unique social media text documents that are currently making mentions of a given coin or topic.

These “social media text documents” refer to text-based posts or threads sourced from various popular social media platforms like Reddit, Twitter, and Telegram.

Since this metric only measures the unique number of such documents, it means that even if a post mentions the cryptocurrency in question several times, its share of the social volume still only remains one unit.

Because of this restriction, the indicator can provide a reliable picture of whether the users in the wider social media platforms are discussing the asset or not right now.

Another indicator, called “social dominance,” is also of interest here; this metric compares the social media of the cryptocurrency (which would be XRP in the current case), to that of the combined social volume of the top 100 assets by market cap in the sector.

Now, here is a chart that shows the trend in the XRP social volume, as well as the social dominance, over the last year:

As displayed in the above graph, both the XRP social volume and the social dominance have spiked to high levels recently. At the peak of this surge, the latter indicator had hit a value of 16.2%, which means that 16.2% of all discussions on social media websites related to the top 100 assets were about the token.

These elevations in the social metrics of the cryptocurrency have come as the price has outperformed all the largest coins in the market after registering a gain of more than 12% during the past week.

Generally, whenever the social volume rises along with a price rise, it means that the investors are becoming more optimistic about the near-term outcome of the asset.

While such positive attention can sometimes help fuel the price rise further, it’s also true that too much of it can actually have the opposite effect on the cryptocurrency.

Historically, digital asset markets have tended to move against the expectations of the opinion of the crowd, so a large amount of hype and euphoria can offer the perfect recipe for the formation of a top to take place.

The latest spike in the social dominance of XRP doesn’t necessarily have to be bearish, but it’s still something that can increase the probability of a top taking place.

Though, there has also been a bullish sign for the asset recently, as the number of active addresses has rapidly increased. Such a trend is usually a sign that a large number of users are participating in the blockchain, which is something that can help the price rise to be more sustainable.

XRP Price

At the time of writing, XRP is trading around $0.5047, up 12% in the last week.

https://www.newsbtc.com/bitcoin-news/bitcoin-miners-receive-inflows-7000-btc-what-mean/

On-chain data shows that Bitcoin miners have recently received net inflows of about 7,000 BTC. Here’s what this may mean for the asset.

Bitcoin Miner Netflow Has Registered A Large Positive Spike

As an analyst in a CryptoQuant post pointed out, Poolin mining pool seems to have been behind most of the recent inflows. The relevant indicator here is the “miner netflow,” which measures the net amount of Bitcoin entering or exiting the wallets of all miners.

When the value of this indicator is positive, these chain validators are now depositing a net number of coins into their addresses. Such a trend can indicate that the miners are accumulating currently, which can be bullish for the price.

On the other hand, values of the metric below zero imply this cohort is taking coins out of their wallets. The main reason why these investors would transfer their coins away from their addresses is for selling-related purposes. Thus, this kind of trend can have bearish implications for the asset.

Now, here is a chart that displays the trend in the Bitcoin miner netflow over the past year and a half:

The above graph shows that the Bitcoin miner netflow has observed a pretty large positive spike during the last day or so. With this sharp rise in the indicator, the miners have received 7,000 BTC in their wallets.

This is quite an extraordinary amount, as no other spike has come close during the last one and a half years. Naturally, if these net inflows indicate that the miners have been buying, the cryptocurrency could feel a bullish boost.

In January, for example, the miners participated in some possible buying, as the netflow registered a significant spike. Following these inflows, the price started its rally.

The quant cautions, however, “It is important to note that having such a large influx of BTC into miners’ wallets does not necessarily guarantee a bullish movement in the price of Bitcoin. Similar situations have occurred in the past where there were significant inflows into miners’ wallets, but the price of Bitcoin subsequently declined.”

The analyst also points out that 99% of these net flows seem to have involved just one mining pool in the sector: Poolin. The chart below shows the trend in the combined holdings of the miners in this pool.

Since the net Bitcoin inflows are mostly to the wallets of this mining pool, it’s unlikely that they represent the sentiment among the wider mining industry, regardless of whether they are a sign of buying or not.

From the chart, it’s visible that last month, following the local top in the asset’s price, Poolin appears to have sold many coins. These latest inflows seem to have merely taken their holdings back to levels close to those from before this selling.

BTC Price

At the time of writing, Bitcoin is trading around $27,800, up 2% in the last week.

https://www.newsbtc.com/news/ripple/xrp-bullish-address-activity-spikes-historical-levels/

On-chain data shows the XRP active addresses metric has spiked to historical levels recently, a sign that may turn out to be bullish for the asset.

XRP Daily Active Addresses Has Observed An Uplift Recently

According to data from the on-chain analytics firm Santiment, address activity on the network reached its second and third-highest values ever during the last couple of days.

The “active addresses” indicator tracks the total number of unique addresses that are participating in some kind of transaction activity on the XRP blockchain daily. This metric accounts for both senders and receivers.

As the indicator only measures the unique number of addresses, it means that even if there are some addresses making multiple transfers on the network in a single day, their contribution toward the metric remains only one unit.

Unique addresses can be thought to be the same as the unique users visiting the blockchain, so the active addresses indicator can tell us about the degree of traffic that the network is observing at the moment.

When the value of this metric is high, it means that a large number of addresses are taking part in transfers on the chain right now. Such a trend suggests that traders are active in the market currently.

On the other hand, low values imply the network isn’t observing that much activity right now. This kind of trend can sometimes be a sign that there isn’t much interest in the cryptocurrency among general investors.

Now, here is a chart that shows the trend in the Bitcoin daily active addresses over the last few months:

As shown in the above graph, the XRP active addresses had been at relatively low values during the past few weeks, but in the last couple of days, the indicator has suddenly burst into life.

Around two days ago, the metric saw its second-highest-ever daily spike, registering a value of around 490,000. This means that 490,000 unique addresses had been interacting on the chain during this surge.

Yesterday, the metric observed a slowdown and has since dropped down to a value of 281,000. This level, however, is still the third largest in the history of the cryptocurrency, meaning that activity still continues to be at historically high levels right now.

The only instance where a higher value than these spikes was observed (that is, the all-time high of the indicator) was back on the 18th of March. In the chart, Santiment has highlighted this particular surge.

Interestingly, the price of XRP went on to rally around 45% following the occurrence of this spike, suggesting that the high user activity may have provided the fuel for the rise.

Currently, as users continue to remain highly active on the network, the price is also going up. It’s unclear, though, whether this ongoing surge will grow into anything like what was seen earlier in the year, but it’s an optimistic sign nonetheless.

XRP Price

At the time of writing, XRP is trading around $0.5, up 8% in the last week.

https://www.newsbtc.com/bitcoin-news/bitcoin-rally-hopes-still-alive-this-metric-go-by/

If the historical pattern in this on-chain indicator is anything to go by, hopes for the continuation of the Bitcoin rally may still be alive.

Bitcoin SOPR Ratio Has Been Going Up In Recent Weeks

As an analyst in a CryptoQuant post pointed out, the SOPR ratio has been above 1 recently. The “Spent Output Profit Ratio” (SOPR) indicates whether the investors in the Bitcoin market are selling their coins at a profit or a loss right now.

When the value of this metric is above 1, it means the average holder in the sector is currently moving their coins at a loss. On the other hand, values below this threshold imply the market is realizing a net profit at the moment.

The BTC sector is generally divided into two main holder groups: the “short-term holders” (STHs) and the “long-term holders” (LTHs). The former cohort includes all investors that acquired their coins within the last 155 days, while the latter group includes those who bought before this cutoff.

In the context of the current discussion, the relevant indicator is not the SOPR itself but the “SOPR ratio.” This indicator measures the ratio between the SOPR, specifically for the LTHs and the STHs.

Now, here is a chart that shows the trend in the 30-day simple moving average (SMA) Bitcoin SOPR ratio throughout the history of the asset:

As you can see in the above graph, the quant has marked the pattern that the 30-day SMA Bitcoin SOPR ratio seems to have followed during the past cycles of the cryptocurrency.

Whenever the SOPR ratio is below 1, the LTHs realize lower profits relative to the STHs. Historically, this has usually been observed inside bear markets.

The bear market bottom formations in the asset price have always occurred when the indicator has plunged deep below this mark and hit a value of about 0.5.

Bullish periods followed with a surge in the metric back above the 1 level. Such a breakout implies a shift in the market dynamics, as the LTHs are harvesting a higher profit than the STHs during periods like these.

During the rally in the last few months, the 30-day SMA Bitcoin SOPR ratio has again managed to break above the 1 mark, suggesting that the shift towards a bull market may have occurred.

The metric is still firmly above this level, despite the recent struggle that the coin has seen. The analyst believes this is a sign that the bulls continue to dominate the market.

From the chart, it’s also visible that the present values of the SOPR ratio are nowhere near as high as what was observed during past rallies, including the April 2019 rally, which may hint that the rally has some potential to go before the top.

BTC Price

At the time of writing, Bitcoin is trading around $27,900, up 4% in the last week.

https://www.newsbtc.com/news/bitcoin/bitcoin-shows-recovery-did-historical-line-act-support/

Bitcoin on-chain data suggests a historical support line may have helped the coin once again as the asset has recovered toward $28,000 today.

Bitcoin Short-Term Holder Cost Basis May Still Be Active As Support

According to data from the on-chain analytics firm Glassnode, the BTC price approached the cost basis of the short-term holders recently. The relevant indicator here is the “realized price,” which is a metric derived from the “realized cap.”

The realized cap refers to a capitalization model for Bitcoin that says that the value of each coin in the circulating supply is not the current spot price, but the price at which it was last transacted on the blockchain.

In this way, the model accounts for the price at which each investor acquired their coins. That is, their “cost basis.” When the realized cap is divided by the number of coins in circulation (to find a sort of average value), the aforementioned realized price emerges.

Related Reading: Bitcoin Exchange Inflows Mostly Coming From Loss Holders, Weak Hands Exiting?

This realized price signifies the average value at which each holder in the market bought their coins. The metric can also be defined for only partial segments of the market, like the “short-term holders” (STHs), in which case, the indicator will tell us about the average cost basis among this group only.

The STHs are all those investors who bought their coins less than 155 days ago. The BTC holders outside this group are termed the “long-term holders” (LTHs).

Now, here is a chart that shows the trend in the Bitcoin realized price for the STHs over the past couple of years:

In the above graph, Glassnode has marked the various instances where the Bitcoin STH realized price has apparently interacted with the spot price of the asset. Back when the 2021 bull run topped out in November, the cryptocurrency’s value dropped below this indicator, signaling a change of trend.

From this point on, as the bear market took over, the STH cost basis started providing resistance to the asset. Back in January of this year, though, the price finally managed to break through this resistance as the rally began to take place.

Related Reading: Bitcoin Bulls Push BTC Back Up To $28K Amid Surging Address Activity

This break lead to another change in the wider trend, as the line seemingly turned into support for the asset. However, this isn’t an unusual pattern, as bullish periods have historically observed the metric helping the price.

Recently, Bitcoin found some struggle, as the price plunged towards the $26,000 level. The consolidation near this level meant that the price was fast approaching the STH realized price, which was slowly going up.

When Glassnode posted the chart yesterday, it described this current state as a “decision point” for the market. According to the analytics firm, a successful retest here would be a sign of strength in the bullish trend, while failure would imply weakness.

Over the past day, Bitcoin has enjoyed a rebound, with the price briefly breaking above the $28,000 level. But it may perhaps not be a coincidence that the uplift has come right as the price was nearing a retest of this historical level.

Naturally, a sustained move away from the STH realized price now would confirm that the level is still active as support, a sign that would be positive for the rally’s sustainability.

BTC Price

At the time of writing, Bitcoin is trading around $27,900, up 4% in the last week.

https://www.newsbtc.com/news/bitcoin/bitcoin-exchange-inflows-loss-weak-hands-exiting/

On-chain data suggests a majority of the Bitcoin exchange inflows are currently coming from investors holding their coins at a loss.

Bitcoin Exchange Inflow Volume Is Tending Towards Losses Right Now

According to data from the on-chain analytics firm Glassnode, the short-term holders are mostly contributing to these loss inflows. The “exchange inflow” is an indicator that measures the total amount of Bitcoin that’s currently flowing into the wallets of centralized exchanges.

Generally, investors deposit to these platforms whenever want to sell, so a large amount of inflows can be a sign that a selloff is going on in the BTC market right now. Low values of the metric, on the other hand, imply holders may not be participating in much selling at the moment, which can be bullish for the price.

In the context of the current discussion, the exchange inflow itself isn’t of relevance; a related metric called the “exchange inflow volume profit/loss bias” is. As this indicator’s name already suggests, it tells us whether the inflows going to exchanges are coming from profit or loss holders currently.

When this metric has a value greater than 1, it means the majority of the inflow volume contains coins that their holders had been carrying at a profit. Similarly, values under the threshold imply a dominance of the loss volume.

Now, here is a chart that shows the trend in the Bitcoin exchange inflow profit/loss bias over the last few years:

As shown in the above graph, the Bitcoin exchange inflow volume profit/loss bias has had a value above 1 for most of the ongoing rallies that started back in January of this year.

This suggests that most of the exchange inflows in this period have come from the profit holders. This naturally makes sense, as any rally generally entices a large number of holders to sell and harvest their gains.

There have been a couple of exceptional instances, however. The first was back in March when the asset’s price plunged below the $20,000 level. The bias in the market shifted towards loss selling then, implying that some investors who bought around the local top had started capitulating.

A similar pattern has also occurred recently, as the cryptocurrency’s price has stumbled below the $27,000 level. Following this plunge, the indicator’s value has come down to just 0.70.

Further data from Glassnode reveals that the bias of the long-term holders (LTHs), the investors holding their coins since at least 155 days ago, have actually leaned towards profits recently.

From the chart, it’s visible that the indicator has a value of 1.73 for the LTHs, implying a strong bias toward profits. Naturally, if the LTHs haven’t been selling at a loss, the opposite cohort must be the short-term holders (STHs).

Interestingly, the indicator’s value for the STHs is 0.69, which is almost exactly the same as the average for the entire market. This would mean that the LTHs have contributed relatively little to selling pressure recently.

The STHs selling right now would be the ones that bought at and near the top of the rally so far and their capitulation may be a sign that these weak hands are currently being cleansed from the market.

Although the indicator hasn’t dipped as low as in March yet, this capitulation could be a sign that a local bottom may be near for Bitcoin.

BTC Price

At the time of writing, Bitcoin is trading around $26,400, down 1% in the last week.

https://www.newsbtc.com/altcoin/altcoins-across-sector-underbought-santiment/

On-chain data from Santiment suggests that altcoins across the entire cryptocurrency sector may be underbought right now.

MVRV Of The Various Altcoins Suggests Underpriced Conditions

According to data from the on-chain analytics firm Santiment, cryptocurrency assets have become underbought as traders are now capitulating following a failed price rebound.

The relevant indicator here is the “MVRV” (Market Value to Realized Value), which measures the ratio between the market cap and the realized cap of a given cryptocurrency.

Here, the “realized cap” refers to a capitalization model for BTC where the value of any coin in the circulating supply is assumed to be not the current spot price, but the price at which it was last transacted on the blockchain.

This model aims to calculate a sort of “fair value” for the asset. As the MVRV compares the market cap (that is, the current price) with the real value of the cryptocurrency, it can provide hints about whether the price is currently overinflated or not.

Santiment has defined an “opportunity” zone and a “danger” zone for this indicator. As their names already imply, the asset in question becomes underpriced when the metric is in the former area, while it becomes overpriced in the latter one.

Here is a chart that shows the trend in the divergence of the MVRV from these zones for the various altcoins in the sector:

Whenever the MVRV divergence has a value of 1 or more, the indicator is said to be inside the opportunity zone. Similarly, the danger area occurs below a value of -1.

While these are the two extreme zones, the metric being firmly inside either the positive or the negative zone (but not hitting either of these thresholds), still signals slight underbought or overpriced conditions, respectively.

This means that the chances of bullish rebounds can become greater whenever the indicator enters positive territory. From the chart, it’s visible that the vast majority of the coins in the digital asset sector are at least inside the positive territory at the moment.

This would imply that these coins may have become underpriced recently. Some of the altcoins are also outright inside the opportunity zone, suggesting that they may be offering low-risk buying opportunities right now.

There are a few cryptocurrencies, however, that are inside the negative zone, with a couple of them even being inside dangerous territory. Such alts have more chances of registering a decline in the near future.

Recently, the various altcoins have attempted to amass together a rebound, but so far, they have only seen failure. However, now that the prices have started to become undervalued, perhaps a break may be found soon.

BTC Price

At the time of writing, Bitcoin is trading around $26,400, down 1% in the last week.

https://www.newsbtc.com/news/bitcoin/bitcoin-bearish-nupl-rejection-long-term-resistance/

On-chain data shows the Bitcoin Net Unrealized Profit and Loss (NUPL) has found rejection at the long-term resistance zone recently.

Bitcoin NUPL Has Observed Some Decline In Recent Days

As explained by an analyst in a CryptoQuant post, the BTC NUPL metric has failed to clear a major resistance. The “NUPL” is an indicator that tells us about the degree of unrealized profit or loss that’s currently being held by the investors.

By “unrealized,” what’s meant here is that the holders have accumulated profits/losses (due to the price being more/less than what they purchased the coins at), but they are yet to actually sell their BTC to set them in stone.

When such investors who are holding unrealized profits/losses do end up selling eventually, the profits/losses they were previously holding are said to be “realized.”

When the value of the NUPL is greater than zero, it means the average investor is carrying a profit on their coins right now. On the other hand, the indicator being below this threshold suggests the market as a whole is sitting on some loss currently.

The zero value of the metric itself naturally represents the break-even level, as the total amount of unrealized profits in the market equals the unrealized losses at this mark.

Now, here is a chart that shows the trend in the Bitcoin NUPL, as well as its 365-day moving average (MA), over the last few years:

In the above graph, the quant has marked the “long-term resistance” zone that the Bitcoin NUPL has seemed to have historically followed. This area, which lies in between the values of 0.31 and 0.38, has been an important retest for the cryptocurrency, as failure here has often meant the start of a drawdown.

When coming from above, however, there have also been bullish retests of this zone, as the points marked by the green checkmarks in the chart display. A prominent example of such a successful retest was back in July 2021, when BTC hit a local bottom and proceeded with the second half of the 2021 bull run following it.

The example of a bearish resistance appears to have formed just recently, as the indicator entered the zone recently but has been rejected downwards. And with it, so has the asset’s price. It’s uncertain yet, but this rejection may have started an extended drawdown for the coin.

“Given that the NUPL index has also formed a bearish Head & Shoulders (H&S) pattern, this could mean that Bitcoin could fall into the $24,000-$20,000 range,” notes the quant. “With the successful implementation of the H&S, the local uptrend of the NUPL index will also be broken.”

The Bitcoin NUPL has also shown interesting interactions with its yearly MA in the past; the indicator has sometimes found resistance or support at this level as well.

“The last frontier for maintaining Bitcoin bullishness is the 365-day MA, which acts as reliable long-term support,” says the quant. “For the above scenario to be declared invalid, it is necessary to overcome long-term resistance sustainably!”

BTC Price

At the time of writing, Bitcoin is trading around $26,300, down 2% in the last week.

https://www.newsbtc.com/news/bitcoin/bitcoin-hangs-on-26200-why-this-crucial-support-level/

Bitcoin has plunged during the last 24 hours and now finds itself at the $26,200 level. Here’s why this level is important for the asset.

Bitcoin 200 WMA & 111 DMA Are Both At $26,200 Right Now

In a new tweet, the analytics firm Glassnode has talked about how the different technical pricing models for Bitcoin may be interacting with the asset’s price currently.

There are four relevant technical pricing models here, and each of them is based on different moving averages (MAs) for the cryptocurrency.

An MA is a tool that finds the average of any given quantity over a specified region, and as its name implies, it moves with time and changes its value according to changes in said quantity.

MAs, when taken over long ranges, can smooth out the curve of the quantity and remove short-term fluctuations from the data. This has made them useful analytical tools since they can make studying long-term trends easier.

In the context of the current topic, the relevant MAs for Bitcoin are 111-day MA, 200-week MA, 365-day MA, and 200-day MA. The first of these, the 111-day MA, is called the Pi Cycle indicator, and it generally finds useful in identifying short to mid-term momentum in the asset’s value.

The 200-week MA is used for finding the baseline momentum of a BTC cycle as 200 weeks are equal to almost 4 years, which is about what the length of BTC cycles in the popular sense is.

Here is a chart that shows the trend in these different Bitcoin technical pricing models over the past year:

As shown in the above graph, these different Bitcoin pricing models have taken turns in providing support and resistance to the price during different periods of the cycle.

For example, the 111-day MA turned into support recently, as the price rebounded off this level back during the plunge in March of this year, as can be seen in the chart.

The 111-day and 200-week MAs have recently come into phase, as both their values stand at $26,200 right now. This is the level that Bitcoin has been finding support at in recent days, so it would appear that the base formed by these lines may be helping the price currently.

Glassnode notes that if a break below this region of support takes place, the next levels of interest can be the 365-day and 200-day MAs. The former of these simply represent the yearly average price, while the latter metric is called the Mayer Multiple (MM).

The MM has historically been associated with the transition point between bullish and bearish trends for the cryptocurrency. When the 111-day MA provided support to the price back in March, the metric had been in phase with the MM.

From the graph, it’s visible that the 365-day and 200-day MAs have also interestingly found confluence recently, as their current values are $22,300 and $22,600, respectively. This would imply that between $22,300 and $22,600 may be the next major support area for the asset.

BTC Price

At the time of writing, Bitcoin is trading around $26,200, down 4% in the last week.

https://www.newsbtc.com/bitcoin-news/bitcoin-sell-side-risk-ratio-all-time-lows-big-move/

On-chain data shows the Bitcoin sell-side risk ratio has approached all-time lows recently, a sign that a big move could be coming for the coin.

Bitcoin Sell-Side Risk Ratio Has Observed A Plunge Recently

As pointed out by the lead on-chain analyst at Glassnode in a Tweet, BTC sellers may have become exhausted recently. The “sell-side risk ratio” is an indicator that measures the ratio between the sum of all profits and losses being realized in the Bitcoin market and the realized cap.

The “realized cap” here refers to the capitalization model for Bitcoin that calculates a sort of “true” value for the cryptocurrency by assuming that each coin in the supply is not worth the same as the current spot price, but the price at which it was last moved.

As the profits and losses being harvested in the market are nothing but a measure of the selling pressure in the market, this indicator tells us how the selling pressure (or the sell-side risk) looks like relative to the value of the cryptocurrency (the realized cap).

When the value of this indicator is high, it means the investors are participating in a high amount of profit/loss realization right now. Such a market is usually high risk, as the price tends to be more volatile during periods with these values.

On the other hand, low values imply the holders are reluctant to sell currently. These conditions generally occur when the market has calmed down and accumulation tends to take place in such periods.

Now, here is a chart that shows the trend in the Bitcoin sell-side risk ratio over the history of the cryptocurrency:

As shown in the above graph, the Bitcoin sell-side risk ratio has seen a sharp plunge recently, a sign that there is little profit or loss realization going in the market right now.

The indicator is now below the “low value realization” line that the analytics firm has defined (colored in red in the chart). Historically, whenever the metric has plunged into this zone, the market has built up towards a sizeable move in the price.

Since such low values of the indicator imply the lack of sellers in the market, the common expectation may be that this can be a bullish sign. However, as is visible from the graph, this hasn’t necessarily been the case.

Both bullish and bearish price action has occurred following the formation of this pattern. Just back in March of this year, the indicator had shown this trend, but the cryptocurrency had followed up with a sharp correction.

Breaks into the high value realization zone (that is, the condition where there is a large amount of selling going on), though, have generally always been bearish for Bitcoin.

As the indicator has once again dipped into the low value realization area, it’s possible that a large move in the price may follow soon. Although it’s uncertain which direction exactly this volatility might go.

BTC Price

At the time of writing, Bitcoin is trading around $26,100, down 2% in the last week.

https://www.newsbtc.com/stablecoin/stablecoins-sharks-whales-load-bags-why-bullish-bitcoin/

Data shows the sharks and whales of the largest stablecoins have been accumulating, something that may turn out to be bullish for Bitcoin.

Sharks & Whales Have Been Loading Up On Stablecoins Recently

According to data from the on-chain analytics firm Santiment, the sharks and whales have recently improved their share of the total supply of stablecoins like USD Coin (USDC), Dai (DAI), and Binance USD (BUSD).

The relevant indicator here is the “Supply Distribution,” which tells us what percentage of a cryptocurrency’s total circulating supply is being held by which wallet group in the market.

Addresses are divided into these “wallet groups” based on the total number of tokens that they are holding at the moment. In the context of the current discussion, the 100,000 to 10 million coins cohort is of interest.

This group naturally includes the wallets of all the investors who are carrying a balance of at least 100,000 and at most 10 million tokens. As the assets in question here are USD-pegged stablecoins (meaning that their value is fixed at $1), the bounds of this range convert to $100,000 and $10 million, respectively.

As these amounts are massive, only the largest of the investors in the market would be sitting on these addresses. The sharks and whales are two such cohorts that are large enough to cover these wallets.

These groups can be quite influential in the market, as they have the power to move a notable amount of coins at once. Obviously, the whales would be the more important group of the two, as they are the larger cohort.

Now, here is a chart that shows the trend in the Supply Distribution of these sharks and whales for three of the most popular stablecoins in the sector:

As displayed in the above graph, the supplies of these three stablecoins hit a low back in March, but have since then observed an increase. This means that sharks and whales of the respective tokens have been accumulating during this period.

Generally, investors use stables whenever they want to avoid the volatility associated with other assets like Bitcoin. So, sharks and whales picking up these coins can be a sign that they have been exiting the other assets recently.

Eventually, however, such investors who have taken safe haven in stablecoins may exchange these tokens back for the volatile coins, once they feel that prices are right to jump in.

Whenever these holders swap their stables, the prices of the assets that they are shifting into can naturally observe a buying pressure. This implies that the currently piled-up stablecoin supplies of the sharks and whales can be looked at as the potential dry powder that may be deployed into assets like Bitcoin.

In the last couple of weeks, the USDC, DAI, and BUSD supplies of these humongous holders have flatlined, meaning that they may have slowed down their exit from the volatile coins. If the trend now reverses and they start scooping up the other cryptocurrencies with their stables, BTC could possibly feel a bullish effect.

BTC Price

At the time of writing, Bitcoin is trading around $26,700, down 1% in the last week.

https://www.newsbtc.com/bitcoin-news/santiment-explains-bitcoin-investor-mentality-price/

Santiment has broken down how the recent action in the Bitcoin price may have been affected by the prevailing sentiment in the market.

Trends In Bitcoin Social Volume May Have Influenced The Price Recently

As the on-chain analytics firm Santiment explained, BTC generally moves in the direction the crowd isn’t expecting. The relevant indicator is the “social volume,” which measures the total number of social media text documents discussing a given term or topic.

The social media text documents here refer to a collection of social media posts collected by Santiment that have been sourced from various popular platforms like Twitter, Reddit, and Telegram.

This indicator only checks whether a text document in this collection mentions the term at least once; posts with more than one mention of the topic are still given the same weight as a document that only does it once.

To use this indicator for pinpointing discussions related to market sentiment, the analytics firm first found the social volume of Bitcoin and cryptocurrency in general. Then it filtered it for some specific terms that refer to the investors’ mentality.

Here is a chart that shows the trend in the Bitcoin social volume for negative and positive sentiments over the last week:

The terms used here to separate the discussions related to positive sentiment are buy, bullish, and bottom. Similarly, sell, top, and bearish are some of the terms that have been used for finding negative talks.

In the graph, Santiment has marked the pattern that the social volumes of these sentiments followed during the past couple of days. On the 21st, following the decline in the asset’s price, the indicator’s value for the negative mentality observed a large spike.

This means that social media discussions had gotten quite bearish when this price drop occurred. However, once this mentality shift happened, the cryptocurrency saw a local bottom formation.

Over the next day, the coin saw some rise and broke back above the $27,000 level. While this rise was taking place, the sentiment again turned positive.

By the time the price went above $27,000, though, the social volume of the greedy sentiment had reached pretty high values. Like when the negative sentiment had become overwhelming, the bottom had formed, a top occurred following this positive mentality spike.

Historically, the Bitcoin market has generally always moved like this; whenever the sentiment becomes too unbalanced towards any particular side, the market tends to show moves opposite to this sentiment held by the majority.

BTC Price

Since Santiment posted its analysis and the flush in the positive sentiment, Bitcoin has again risen above the $27,000 mark. When writing, the coin is floating around $27,300, up 1% in the past week.

https://www.newsbtc.com/news/litecoin/litecoins-mvrv-has-surged-why-this-is-bearish/

On-chain data shows the Litecoin MVRV has been at relatively high levels recently, something that could be bearish for the cryptocurrency.

Both 30-Day & 365-Day Litecoin MVRV Ratios Are High Currently

According to data from the on-chain analytics firm Santiment, LTC traders are well above water at the moment. The “MVRV ratio” is an indicator that measures the ratio between the two main capitalization models for Litecoin: the market cap and the realized cap.

The market cap here is the usual cap that calculates the total value of the asset by simply taking the value of each coin in the circulating supply the same as the current spot price.

The realized cap, however, is a more special model as it assumes that the actual value of any coin in circulation is the price at which it was last transacted on the blockchain.

Since this model aims to estimate a sort of “true value” for Litecoin, its comparison with the market cap (that is, the spot price) in the MVRV can tell us whether the asset’s price is fair or not right now.

When the MVRV has a value greater than 1, it means the market cap is above the realized cap currently. During such times, the average investor is in a state of profit, so the incentive to sell for them increases. As such, the cryptocurrency could be considered overpriced in these conditions.

On the other hand,  the indicator having a value lower than this threshold implies the average holder is in a loss, and hence, the asset may be undervalued currently.

Now, here is a chart that shows the trend in the 30-day and 365-day moving averages (MAs) of the Litecoin MVRV ratio over the last few months:

As displayed in the above graph, both the 30-day and 365-day MAs of Litecoin MVRV have risen above the baseline with the recent surge in the price beyond the $90 level. This may mean that the cryptocurrency could have become slightly overpriced.

Prior to this surge, when LTC had been visiting some lows, the 30-day version of the indicator had temporarily entered into the undervalued region. Coinciding with these values of the metric, the price formed its bottom and eventually built up towards the current surge.

Back in April, the MVRV MAs showed a similar behavior as right now, as they touched relatively high values when the asset had rallied above the $100 mark. The rally stopped before long in those overvalued conditions, and the asset took a plunge.

If a similar pattern as back then also follows with the current overpriced values of the indicator, then Litecoin may go on to observe a correction in the near future.

In the long term, however, the outlook of the asset could still remain bullish, as the much-awaited halving event, where the cryptocurrency’s block rewards will be permanently cut in half, will take place in August, which is just around the corner now.

LTC Price

At the time of writing, Litecoin is trading around $91, up 1% in the last week.

https://www.newsbtc.com/news/bitcoin/how-current-bitcoin-rally-compare-with-historical/

Here’s how the current Bitcoin rally stacks up against the previous ones in terms of the drawdowns it has experienced so far.

The Current Bitcoin Rally Has Seen A Peak Drawdown Of -18.6% So Far

In a recent tweet, the on-chain analytics firm Glassnode compared the latest Bitcoin rally with the ones seen throughout the entire history of the cryptocurrency.

Generally, rallies are compared using metrics like the percentage price uplifts recorded during them or the amount of time that they lasted (which may be measured in terms of the blocks produced, as is done when looking at cycles in terms of halvings). Here, however, Glassnode has taken a different approach that provides a new perspective on these rallies.

The comparison basis between the price surges here is the drawdowns that each of them experienced across their spans. Note that these drawdowns aren’t to be confused with the cyclical drawdowns that are used to measure how the price has declined since the bull run top.

The drawdowns in question are the obstacles that the cryptocurrency encountered while the rallies were still ongoing, and are hence, those that the coin eventually managed to overcome.

Here is a chart that shows the degree of drawdowns that each of the historical bull markets experienced, and also where the current rally stands in comparison to them:

The five bull rallies here are as follows: genesis to 2011 (the very first rally), 2011-2013, 2015-2017, 2018-2021 (the last rally), and 2022 cycle+ (the ongoing one).

The analytics firm here has taken the bottom of each of the bear markets as the start of the next bull rallies. This means that parts of the cycle that some may not consider as part of the proper bull run are also included.

The main example of this would be the April 2019 rally, which is often considered its own thing but is clubbed with the last Bitcoin bull market in the above chart.

From the graph, it’s visible that the deepest drawdown that occurred during the first bull market measured around -49.4%. The next run, the 2011 to 2013 bull, experienced an even larger obstacle of a -71.2% plunge midway through it.

The next one (2015-2017) then only saw a drawdown of -36%, but the drawdown was again up at -62.6% for the run that followed it (that is, the latest bull market).

So far in the 2022+ Bitcoin bull market (which would only be considered a bull market at all if the November 2022 low was truly the cyclical bottom), the deepest drawdown observed so far is the March 2023 plunge of -18.6%.

Clearly, the drawdown seen in the current rally so far is significantly lesser than what the historical bull markets face. If the pattern of the past runs holds any weight at all, then this would mean that the current bull market should still have more potential to grow.

BTC Price

At the time of writing, Bitcoin is trading around $26,900, down 2% in the last week.

https://www.newsbtc.com/news/bitcoin/bitcoin-volatility-shrinks-levels-violent-move-incoming/

Data shows that Bitcoin volatility is currently at historically low levels, something that has led to violent price moves in the past.

Bitcoin 7-Day Range Has Compressed To Just 3.4% Recently

According to data from the on-chain analytics firm Glassnsode, the current 7-day price range is comparable to levels seen back in January of this year. The “7-day price range” of Bitcoin here refers to the percentage difference between the highest and the lowest points that the asset’s value has observed during the last seven days.

This metric can provide hints about the recent volatility that the cryptocurrency has experienced. When the indicator has a low value, it means the price action during the last week has been quite stale. Naturally, this suggests that the volatility of the asset is low right now.

On the other hand, high values of the 7-day price range imply the coin has seen a high degree of fluctuation within the past seven days, and hence, the volatility has been high.

Now, here is a chart that shows the trend in the Bitcoin 7-day price range (as well as the 7-day high and low) over the last few years:

As shown in the above graph, the Bitcoin 7-day price range had naturally succumbed to quite low values during the bear market lows that had followed the FTX crash, as the BTC price had been stuck in a sideways movement.

These low values of the indicator continued into the new year as the coin refused to show any significant movement. Soon after, however, the metric’s value had seen an explosion as the rally had begun to take place.

In the next few months, the 7-day price range of the cryptocurrency had assumed relatively high values, but recently, the indicator has observed another plummet.

The reason behind this new plunge has naturally been the narrow consolidation range that the asset has followed in the past week between the $27,400 and $26,500 levels.

Because of this low volatility, the 7-day price range of Bitcoin has collapsed to only 3.4%. In the chart, Glassnode has also highlighted the previous instances where the cryptocurrency had seen this metric drop so low.

It looks like the indicator dipped to similar levels way back in July 2020, and the aforementioned lows from the start of the year had also observed the indicator attain such values.

An interesting thing to note about both these periods of low volatility is that the price had gone on to see rapid price action not too long after they occurred, and the former low was followed by the 2021 bull run, while the ongoing rally succeeded the latter one.

If the current compressed 7-day Bitcoin price range will follow a similar pattern, then some wild price action may be coming for the cryptocurrency in the near future.

BTC Price

At the time of writing, Bitcoin is trading around $26,800, down 2% in the last week.

https://www.newsbtc.com/news/bitcoin/bitcoin-plunges-below-27000-miners-signs-selling/

Bitcoin has now dipped below the $27,000 level as on-chain data shows the miners have possibly been selling the asset recently.

Bitcoin Miner Reserve Has Taken A Sharp Plummet Recently

As pointed out by an analyst in a CryptoQuant post, miners have taken out about 1,750 BTC from their wallets during the past day. The relevant indicator here is the “miner outflow,” which measures the total amount of Bitcoin that miners are transferring out of their wallets currently.

The counterpart metric of the outflow is called the “inflow,” and it naturally tracks the total number of coins going into the addresses of these blockchain validators.

Here is a chart that shows the trend in the Bitcoin miner outflow, as well as the inflow, over the last few weeks:

Whenever the miner inflow has a high value, it means that this cohort is depositing a large amount of Bitcoin into their wallets. Such a trend, when prolonged, can be a sign that the miners are accumulating right now. Naturally, this can have bullish implications for the price.

When the outflow is high, on the other hand, it suggests that a large amount of the asset is exiting from the supply of the miners. Generally, the main reason why these holders transfer their coins out of their wallets is for selling-related purposes, so this kind of trend can be bearish for the cryptocurrency’s value.

In the above graph, it’s visible that the miner inflow has been at relatively low values during the past day, implying that these investors aren’t depositing any significant amounts to their wallets.

The miner outflow, however, has registered a pretty high spike in the same period. In total, around 1,750 BTC ($47 million) has exited the supply of the miners with this surge in the indicator.

Since there haven’t been any inflows to counteract these outflows, a net amount of the asset has now left the miners’ wallets. This would mean that if the outflows were made for selling purposes, a net bearish effect should appear on the price.

An indicator that helps better identify whether these transfers were for selling or not is the “miner to exchange flow,” which tracks only the miner outflows heading towards centralized exchanges.

Usually, this cohort uses the exchanges when they want to take part in distribution. As shown in the above chart, however, the metric has remained low recently, meaning that these outflows haven’t directly entered into the wallets of these platforms.

Though, the quant has discovered that the destination wallet of the 1,750 miner outflow made another transfer, which was indeed towards an exchange. “There is a high probability that 1,750 BTC ultimately went to Binance,” explains the analyst.

When these outflows took place yesterday, Bitcoin was above the $27,000 level. Following them, however, the asset has observed a plunge and is now below this mark, suggesting that this latest selling pressure from the miners may have been behind the decline.

BTC Price

At the time of writing, Bitcoin is trading around $26,800, up 2% in the last week.

https://www.newsbtc.com/news/bitcoin/bitcoin-binary-cdd-stays-low-heres-what-this-means/

On-chain data shows the Bitcoin Binary Coin Days Destroyed (CDD) has stayed low recently. Here’s what this says about the current market.

Bitcoin Binary CDD Has Remained At Very Low Levels Recently

According to data from the on-chain analytics firm Glassnode, this indicator attained high values during the 2021 bull run. To understand the CDD metric, the concept of “coin days” needs to be looked at first.

Whenever 1 BTC stays stationary on the blockchain for 1 day, it accumulates 1 “coin day.” If a coin that has remained unmoved on the network for a while, meaning that it has accumulated a certain number of coin days, is now suddenly transferred, its coin days counter would naturally reset back to zero.

The coin days it had previously been carrying are said to be “destroyed.” The CDD indicator measures the total number of coin days being reset throughout the network on any given day.

When this indicator has a high value, it implies that a large number of coin days are being reset in the market currently. Generally, this kind of trend is a sign of movement from the “long-term holders” (LTHs).

This group includes investors that have been holding their BTC since at least 155 days ago, so these holders tend to accumulate large numbers of coin days. Because of this reason, whenever they make transfers, the CDD registers a spike.

In the context of the current discussion, the CDD itself isn’t of interest, but a modified version of it called the Binary CDD is. This indicator basically tells us how the CDD currently compares with the historical average value of the metric.

As is already obvious from its name, this indicator can only attain two values: 0 and 1. It has a value of 0 if the CDD is below the historical average, while it’s 1 when the metric is above it.

Now, here is a chart that shows the trend in the 7-day average Bitcoin Binary CDD over the last few years:

As shown in the above graph, the 7-day average Bitcoin Binary CDD has had a pretty low value for a while now. This suggests that there hasn’t been any significant destruction of coin days in the market recently.

Naturally, this means that the LTHs haven’t been making any moves out of the ordinary, despite the price observing a notable increase during the last few months.

The LTHs are generally the most resolute bunch in the market, so transfers from them can have significant implications for the sector since they are a sign that even these holders may have been forced to sell.

The Bitcoin bull run during the first half of 2021 saw the 7-day average Binary CDD stay near 1, implying that the LTHs had been selling in full force. As this hasn’t been the case in the rally so far, it appears that the current profits aren’t enough to move these diamond hands, and they are likely expecting better opportunities later on.

These investors continuing to hold such a bullish conviction can be constructive for the price in the long term.

BTC Price

At the time of writing, Bitcoin is trading around $27,300, down 1% in the last week.

https://www.newsbtc.com/news/bitcoin/this-bitcoin-support-line-is-still-active-bullish-signal/

On-chain data shows the cost basis of the 1-3 months old Bitcoin investors has continued to provide support to the price recently.

Bitcoin Has Once Again Bounced Off This Support Line

As pointed out by an analyst in a CryptoQuant post, if this line doesn’t break, then BTC should be able to continue its bullish momentum. The relevant indicator here is the “realized price,” which is a metric derived from a Bitcoin capitalization model called the realized cap.

The realized cap calculates the total value of the cryptocurrency by assuming that each individual coin in the circulating supply is worth the same as the price at which it was last moved (which is unlike the market cap, which just uses the current spot price for this purpose).

When this model is divided by the total number of coins in circulation, the “realized price” emerges. The significance of this indicator is that it’s the price at which the average investor in the market bought their coins.

While this realized price is for the entire market, the metric can also be defined for only parts of the sector. In the context of the current discussion, the group of interest is the one with the investors who have been holding their coins since between 1 month and 3 months ago.

Here is a chart that shows the trend in the Bitcoin realized price for this particular group:

The 1-3 months cohort is part of the “short-term holder” (STH) group, which is one of the two main divisions of the Bitcoin market. The STHs include all investors that have been holding onto their coins since less than 155 days ago.

As displayed in the above graph, the realized price of the 1-3 months group has been constantly going up recently. This trend naturally makes sense, as the price of the cryptocurrency has also been rising in the same period.

Since these BTC investors only acquired their coins within the last 3 months, their cost basis would obviously follow the trend in the asset’s price, albeit with a bit of lag.

What’s interesting, however, is the line’s interaction with the price. From the chart, it’s visible that the cryptocurrency’s price was finding resistance here while the bear market was going on.

The likely reason behind this pattern may have been that these investors, who would be in losses for the majority of the time in the bear market, would participate in mass selling whenever the price would touch their average cost basis (that is, their realized price), as it would appear as the ideal exit opportunity in such a period since they would at least be able to avoid losses that way.

Since the start of the rally this year, though, the pattern seems to have flipped, as the realized price of the 1-3 months cohort has been providing support to the asset.

It would appear that these investors are currently looking at their cost basis as a profitable buying opportunity since they probably believe that the price would go up in the near future.

Right now, the realized price of this group is around $26,600, which is the level that Bitcoin bounced off from yesterday. As the line still seems to be holding as support, this segment of the STHs looks to have not lost their bullish conviction yet.

BTC Price

At the time of writing, Bitcoin is trading around $27,300, down 1% in the last week.

https://www.newsbtc.com/bitcoin-news/bitcoin-bullish-signal-whales-accumulate-84897-btc/

On-chain data shows the Bitcoin whales have accumulated 84,897 BTC during the last five weeks, something that could be bullish for the price.

Bitcoin Whales Have Been Growing Their Holdings Recently

According to data from the on-chain analytics firm Santiment, when whales last accumulated like this, the price jumped about 34%. The relevant indicator here is the “BTC Supply Distribution,” which tells us about the total amount (as well as the percentage) of the Bitcoin supply that each wallet group in the market is holding currently.

The addresses on the network are divided into these wallet groups based on the number of coins that they are carrying in their balances at the moment. The 10-100 coins cohort, for instance, includes all addresses that are holding at least 10 and at most 100 BTC currently.

Naturally, if the Supply Distribution is applied to this specific group, it would measure the amount of the supply that wallets satisfying this condition are holding as a whole.

Now, in the context of the current discussion, the Bitcoin cohort of interest is the “whale” group. Whales are humongous entities that carry at least 1,000 BTC ($26.8 million at the current exchange rate) and at most 10,000 BTC ($268 million) in their wallets. This means that the 1,000-10,000 coins group is of relevance here.

The below chart shows the trend in the Bitcoin Supply Distribution for this particular cohort over the past year:

As displayed in the graph, the Bitcoin Supply Distribution for the whale group has observed an overall uptrend recently. During the last five weeks, these humongous investors have added around 84,897 BTC to their holdings, which is worth around $2.2 billion.

Generally, the behavior followed by the whales can be something to watch out for, as their massive holdings mean that they have the potential to cause noticeable ripples in the market through their moves.

An example of this can be clearly seen in the chart. In the leadup to and during the rally back in January of this year, the whales displayed a trend of accumulation and grew their supplies by around 71,690 BTC.

While this accumulation occurred, the price of Bitcoin started its surge and had risen by more than 34% by the time the whales slowed down their buying spree. This trend highlights how the buying pressure from this cohort can help the price go up.

Since the whales have started their latest accumulation cycle, however, the price has only declined or moved sideways so far. But given that these holders are continuing to expand their reserves, it suggests that they think the current relatively low prices provide a good buying opportunity.

It’s unknown when this bullish conviction held by the whales might translate to the price, but the trend could be a positive sign for the long-term sustainability of the rally.

BTC Price

At the time of writing, Bitcoin is trading around $26,700, down 2% in the last week.

https://www.newsbtc.com/news/dogecoin/dogecoin-shiba-inu-whales-move-massive-dumping/

Data shows the Dogecoin and Shiba Inu whales have moved around massive of coins amounts today, a sign that dumping may be going on.

Dogecoin And Shiba Inu Whales Have Transferred Huge Amounts

According to data from the cryptocurrency transaction tracker service Whale Alert, several large SHIB and DOGE transactions have occurred during the last 24 hours.

The first transfers that took place were those involving Dogecoin. In total, there were five such massive transactions, and interestingly, all of them saw the movement of the same amount of tokens: 680,000,000 DOGE.

As this amount is quite large (the exact USD cost differs between the transactions, but it was still similar nonetheless; the transfers were worth just under $49 million each), it seems reasonable to assume that some sort of whale entities were behind the moves.

Considering that the transfers all involved the same amount of DOGE and the fact that they all took place within a span of just 20 mins, a logical possibility arises: the transactions were made by the same whale investor.

The full details of the Dogecoin transactions also confirm this; the sending and receiving addresses match up between the five transactions. This means that this single whale moved around $244.7 million worth of DOGE in such a short span of time.

What did this humongous holder intend to do with this transfer? Well, below are the details regarding the first of these transactions, which may help shed some light on the context surrounding these transfers.

As you can see above, the sending address here was an unknown wallet, meaning that it was unattached to any known centralized platform. Such addresses are generally investors’ personal wallets.

The receiver, too, was an unknown address in this case. Generally, if investors want to sell, they deposit their coins to platforms like exchanges. In this case, however, the whale hasn’t done so, so it’s hard to say what the exact purpose behind the transactions may have been.

It’s possible that they were simply done with the intent of moving to a fresh wallet, but it’s also possible that they were made to sell through over-the-counter (OTC) deals. Naturally, if the latter case is true, the price would feel a bearish effect.

Interestingly, the Shiba Inu whale transactions from the past day have a similar story; they also seem to have been made by a single investor. In total, the holder moved 20,000,000,000,000 SHIB (about $174.4 million) across four transactions between unknown wallets.

These Shiba Inu transactions also occurred right after the Dogecoin transfers were finished. It’s uncertain currently, but the similar pattern and the close timing may suggest that these transactions involving the two largest meme coins in the sector may have been linked.

The assets have been struggling recently so it’s possible that these whales have given up on them and have decided to sell. Naturally, if these transfers really have been made for dumping purposes, the prices of the meme coins may see a further decline.

DOGE Price

At the time of writing, Dogecoin is trading around $0.0729, up 1% in the last week.

https://www.newsbtc.com/bitcoin-news/bitcoin-whales-break-pattern-halving-cycles-glassnode/

On-chain data from Glassnode shows the Bitcoin whales have recently broken a pattern that was previously held through the halving cycles.

Bitcoin Whale Growth Had Previously Been Diminishing With Each Cycle

According to data from the on-chain analytics firm Glassnode, the current cycle is displaying an interesting deviation from the rule followed during the last few cycles.

Here, the cycles or the “epochs” for the cryptocurrency have been defined using the halving events. “Halvings” are periodic blockchain events that permanently cut in half the block rewards that the miners receive for solving blocks.

These events occur every time 210,000 blocks have been mined on the network, or approximately every four years. The reason they are generally selected as the start and end points for BTC cycles is that they carry profound impact on the economics of the market as the production rate of the asset is cut in half following them. This increase in the scarcity of the asset is a narrative so strong that bull runs have always followed the halving events.

The next halving is supposed to take place sometime in the first half of next year. Currently, miners receive 6.25 BTC for every block that they mine, so following this next event, they will only receive 3.125 BTC in their rewards.

Now, there have been many patterns that have held throughout the Bitcoin cycles, but one such trend looks to be breaking down with the latest epoch, as the below chart highlights.

The metric of interest here is the percentage growth that the number of whales have registered during each of the epochs. The analytics firm has defined “whales” as entities that are holding at least 1,000 BTC in their wallets.

Note that entities here don’t just refer to individual wallets, but also “a cluster of addresses that are controlled by the same network entity,” which are “estimated through advanced heuristics and Glassnode’s proprietary clustering algorithms.”

From the chart, it’s apparent that the number of whales went up by 436% in the first cycle, while they only went up by 139% in the second one. The third one saw even less growth at about 91%.

This would indicate that with each of these Bitcoin cycles, while the BTC whales had continued to increase in number, their percentage growth had been diminishing.

The current cycle, however, seems to have turned out different from these past cycles so far, as the growth in the number of whales has actually been stronger than the previous epoch this time.

Whales have grown by 98% since the start of the cycle, but it’s worth noting that there are still around 344 days to go before the next halving event. It now remains to be seen whether the indicator resumes the trend from the last epochs before the end of the current one, or if the cycle will truly end with the pattern being broken.

BTC Price

At the time of writing, Bitcoin is trading around $27,000, down 2% in the last week.

https://www.newsbtc.com/bitcoin-news/bitcoin-metric-nearing-crucial-retest-will-bulls-find-victory/

On-chain data shows a Bitcoin indicator is currently retesting a crucial level that could decide the direction the market takes from here.

Bitcoin Short-Term Holder SOPR Has Plunged To A Value Of 1

As pointed out by an analyst in a CryptoQuant post, the short-term holders are currently selling at their break-even mark. The relevant indicator here is the “Spent Output Profit Ratio” (SOPR), which tells us whether Bitcoin investors are moving their coins at a profit or at a loss right now.

When the value of this metric is greater than 1, it means the average holder in the market is currently selling their coins at a profit. On the other hand, the indicator having values below this threshold suggests the market as a whole is realizing a net amount of loss.

The level at which SOPR becomes exactly equal to one implies that the loss realization is exactly equal to the profit realization right now, and hence, the average investor is just breaking even on their investment.

In the context of the current topic, the entire market isn’t of interest; only a segment of it: the “short-term holders” (STHs). The STHs include all BTC investors that bought their coins within the last 155 days.

Now, here is a chart that shows the trend in the 14-day moving average (MA) Bitcoin SOPR specifically for these STHs over the last few years:

Historically, the Bitcoin STH SOPR has followed a curious pattern. During bullish periods, the indicator has generally stayed above the line where the metric’s value becomes 1. This makes sense, as rallies allow the STHs many profit-taking opportunities, so the majority should be selling at some gains.

What’s actually interesting, though, is that whenever the metric has dropped to the 1 line, it has provided support to the price (and has also made the indicator rebound back above it). Examples of this have been marked with the green arrows in the graph.

As already mentioned before, the 1 line signifies the level where the average STH is just breaking even, meaning that they are selling at the price at which they acquired their coins, that is, their cost basis.

The reason why this level acts as support during bullish trends is that the investors see their cost basis as a profitable buying opportunity (since they believe the price would go up in the near future). So, a large amount of buying takes place here.

In bear markets, the opposite behavior is seen; the level acts as resistance to the price since selling tends to happen at it. Because of this pattern, the indicator’s behavior about the 1 level can provide hints about whether a bullish or a bearish regime is active currently.

Recently, the indicator has once again dipped to this crucial level. If the Bitcoin rally is still on right now, then the Bitcoin STH SOPR should observe a rebound here. This has already happened once during this rally, as the price felt support at this level back in March.

If, however, the retest ends up failing, then it may mean that a transition back to a bearish period may have occurred for the cryptocurrency.

BTC Price

At the time of writing, Bitcoin is trading around $27,000, down 2% in the last week.

https://www.newsbtc.com/news/ethereum/ethereum-top-in-historical-crossover-anything-go-by/

On-chain data shows the Ethereum taker buy/sell ratio has formed a crossover recently that has historically signaled tops in the asset’s price.

Ethereum Taker Buy/Sell Ratio 280-Day and 476-Day MAs Have Crossed Recently

As pointed out by an analyst in a CryptoQuant post, the last time this crossover formed was back in May 2021, when ETH observed the bull rally top formation. The relevant indicator here is the “Ethereum taker buy sell ratio,” which measures the ratio between the taker buy volume and the taker sell volume.

When the value of this metric is lower than 1, it means the short or the taker sell volume is currently higher than the long or the taker buy volume in the market. This kind of trend is a sign that there are more sellers willing to sell at a lower price in the market right now, implying that the selling pressure is dominant.

On the other hand, when the indicator has a value higher than 1, it suggests a bullish sentiment is shared by the majority as the long volume is greater than the sell volume.

In the context of the current discussion, the actual metrics of interest are the 280-day and 476-day moving averages (MA) of the Ethereum taker buy/sell ratio.

Here is a chart that shows the trend in these MAs of the indicator over the last few years:

As shown in the above graph, the 280-day MA of the Ethereum taker buy/sell ratio declined below the 476-day MA last month. Interestingly, right as this crossover took place, the asset’s price formed a local top around the $2,100 level.

When the 280-day MA drops below the 476-day MA of this metric, it means that the market sentiment is changing towards a more bearish one, as it suggests a rise in the taker sell volume dominance.

Due to this reason, such a cross has been bearish for the cryptocurrency’s value in the past. From the chart, it’s visible that this type of crossover last formed back in May 2021, when ETH was at the height of the bull run in the first half of 2021. Coinciding with the crossover, the cryptocurrency’s price registered its then-all-time high value.

Based on this, it’s possible that the latest crossover in the Ethereum taker buy/sell ratio MAs could also prove to be bearish for the price.

So far, ETH has only declined since the top formed along with this indicator, so it seems that the crossover effect may already be in action. However, the two MAs are still quite close in value, so it’s possible a reverse cross could also possibly form in the near future.

In 2020, both types of crossovers formed several times in quick succession, until eventually the bullish type of cross won out and lead to the 2021 bull run, which could be the case here.

It now remains to be seen whether the two MAs will continue to diverge in the coming weeks, or if they will converge again and form the reverse type of crossover.

ETH Price

At the time of writing, Ethereum is trading around $1,800, down 2% in the last week.

https://www.newsbtc.com/analysis/pepe/pepe-vs-doge-vs-shib-frogs-rise-compare-predecessors/

Here’s how the growth in PEPE has so far compared with that of its predecessor meme coins: Shiba Inu (SHIB) and Dogecoin (DOGE).

PEPE’s Peak Trading Volume Hasn’t Been Near DOGE Or SHIB’s Yet

Pepe Coin, a token based on the popular internet frog meme avatar, suddenly burst into the scene last month. The coin has enjoyed a rapid rise in popularity, with its best period coming in the first week of this month, where it registered a price increase of more than 1,000%.

Since this amazing rally earlier in the month, however, the cryptocurrency has seemed to have run out of steam. Nonetheless, market participants have still been wondering about the long-term prospects of the coin, as the meme coin has been looked at as the next big thing after DOGE and SHIB.

But cab PEPE really compare with these top two meme coins by market cap?

In its latest insight, the on-chain analytics firm Santiment has compared a couple of metrics between these three assets, to see where PEPE stands against them.

The first indicator of interest here is the “trading volume,” which is a measure of the daily total amount of a given cryptocurrency that’s being transacted on the blockchain.

Here is a chart that highlights how the trading volume for PEPE has looked recently, as well as the behavior the indicator showed during the respective peaks of Dogecoin and Shiba Inu:

As displayed in the above graph, PEPE has observed a peak trading volume of $2 billion so far, which is quite sizeable in isolation, but when compared to what Dogecoin and Shiba Inu saw during their best periods, the spike appears very small.

Naturally, these humongous spikes in DOGE’s and SHIB’s trading volumes occurred only later in the lifetimes of the assets, while the frog is still very much in its infancy.

“Although PEPE’s trading volume is significantly lower, it leaves room for growth and untapped potential,” explains Santiment.

“However, it also means that the liquidity and retail participation in the market for PEPE is far less than what DOGE and SHIB experienced in previous years. In fact, it seems the retail landscape has changed dramatically, with retail participation appearing nearly nonexistent,” the on-chain data aggregator added.

The other metric of relevance here is the “social volume,” which tells us about the degree of discussions that a certain cryptocurrency is receiving on social media platforms.

The below chart shows the trend in this indicator for the three meme coins:

In terms of discussions happening on Twitter, PEPE has actually been on par with DOGE and SHIB during their peak periods. “However, when it comes to mainstream media coverage, PEPE falls short,” notes the analytics firm. “While DOGE was discussed on national television, PEPE remains primarily confined to the realm of crypto Twitter.”

Based on the fact that retail engagement and mainstream attention have been low for the coin, Santiment has concluded that while the frog-based meme coin could have the potential for further growth, it’s unlikely that it touches the same height as its predecessors.

PEPE Price

At the time of writing, PEPE is trading around $0.00000167, down 16% in the last week.