Bitcoin whales’ profits and $95K – Here’s what traders should REALLY look out for!
The post Bitcoin whales’ profits and $95K – Here’s what traders should REALLY look out for! appeared on BitcoinEthereumNews.com. Bitcoin whales’ unrealized profits surged to $150 billion, signaling potential short-term market shifts MVRV ratio indicated overvaluation, suggesting a possible correction if profits are realized Bitcoin [BTC] whales, holding between 1K to 10K BTC, have seen their unrealized profits surge by approximately 38% since the start of April – Hitting $150 billion. Historically, when these profits near $200 billion, whales tend to take profits, potentially slowing Bitcoin’s upward momentum. Such a hike in whale profits often alludes to potential shifts in market sentiment, raising questions about whether BTC can continue its upward trajectory or face a price correction. At press time, Bitcoin was trading at $94,811.68, following a modest 0.16% uptick over the last 24 hours. Source: CryptoQuant Daily active addresses, transactions indicate healthy network growth Bitcoin’s network activity has been robust, with 808.82k daily active addresses and 392.47k transactions recorded at press time. These numbers hinted at a growing level of adoption and transactional activity, supporting the bullish narrative for Bitcoin. Now, while these metrics alone do not guarantee sustained price growth, strong network activity is often correlated with greater investor demand, which could further fuel Bitcoin’s rally. As the number of active addresses continues to rise, the demand for BTC may climb too. This could potentially push the price higher in the coming weeks. Source: Santiment High MVRV ratio – What does it mean? At press time, Bitcoin’s MVRV ratio stood at 2.37 – A high value that indicated potential overvaluation. This also suggested that BTC may be trading above its “fair” value, as measured by the average price at which coins were last moved on the blockchain. Historically, when the MVRV ratio is high, it has often hinted at the beginning of a market correction. The Stock-to-Flow ratio for BTC surged to 725.39 too, signaling increasing scarcity.…
The post Bitcoin whales’ profits and $95K – Here’s what traders should REALLY look out for! appeared on BitcoinEthereumNews.com.
Bitcoin whales’ unrealized profits surged to $150 billion, signaling potential short-term market shifts MVRV ratio indicated overvaluation, suggesting a possible correction if profits are realized Bitcoin [BTC] whales, holding between 1K to 10K BTC, have seen their unrealized profits surge by approximately 38% since the start of April – Hitting $150 billion. Historically, when these profits near $200 billion, whales tend to take profits, potentially slowing Bitcoin’s upward momentum. Such a hike in whale profits often alludes to potential shifts in market sentiment, raising questions about whether BTC can continue its upward trajectory or face a price correction. At press time, Bitcoin was trading at $94,811.68, following a modest 0.16% uptick over the last 24 hours. Source: CryptoQuant Daily active addresses, transactions indicate healthy network growth Bitcoin’s network activity has been robust, with 808.82k daily active addresses and 392.47k transactions recorded at press time. These numbers hinted at a growing level of adoption and transactional activity, supporting the bullish narrative for Bitcoin. Now, while these metrics alone do not guarantee sustained price growth, strong network activity is often correlated with greater investor demand, which could further fuel Bitcoin’s rally. As the number of active addresses continues to rise, the demand for BTC may climb too. This could potentially push the price higher in the coming weeks. Source: Santiment High MVRV ratio – What does it mean? At press time, Bitcoin’s MVRV ratio stood at 2.37 – A high value that indicated potential overvaluation. This also suggested that BTC may be trading above its “fair” value, as measured by the average price at which coins were last moved on the blockchain. Historically, when the MVRV ratio is high, it has often hinted at the beginning of a market correction. The Stock-to-Flow ratio for BTC surged to 725.39 too, signaling increasing scarcity.…
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