30 days after Blackrock applied for a spot Bitcoin ETF, sentiment in the cryptocurrency markets began to rise. Bitcoin and Ethereum prices rose 22% and 15%, respectively, during this period. Moreover, Ripple’s ruling against the SEC also led to gains in some altcoins.
While the Onchain data points to an overall positive market outlook, it also indicates the possibility of deep declines in some metrics.
The SEC’s classification of XRP as a security has resulted in shifts in XRP volume. While there was a significant decrease from 10% to 2% in the US markets, an increase in market share from 50% to 70% was observed, especially in platforms such as Korean stock markets and Binance.
When the cost-based prices of Bitcoin are analyzed, it is seen that only 20% of the investors are at a loss. This is the lowest rate seen since April 2022 since Bitcoin’s $44,000 level. The number of profitable addresses increased by more than 5 million compared to the same period, indicating that more people are willing to save.
These data also show that interest in and adoption of Bitcoin is increasing.
According to Glassnode’s Long and Short Term URPD chart, the majority of long term Bitcoin holders cost between $15,000 and $25,000 and still appear to be out of profit and unsold.
The majority of Bitcoins above $30,000 belong to addresses held since the 2021-2022 bear market, which could indicate a selling pressure as the price rises.
Despite regulatory pressures in the US, Bitcoin accumulation seems to have increased between $20,000 and $30,000 since February 2023, suggesting that Bitcoin has established a solid footing below $30,000.
Last week, the Bitcoin Hashrate rate reached an all-time high with an increase of up to 500% compared to 2021. While the Hashrate rate has been observed to correlate with the Bitcoin price in previous market cycles, the fact that the Hashrate rate is still at ATH levels despite the Bitcoin’s decline of about 75% from its high suggests that miners may be causing a deeper decline.
References:
https://www.kaiko.com/
https://www.lookintobitcoin.com/charts/bitcoin-hashrate-chart/
https://intotheblock-5494544.hs-sites.com/analyzing-bitcoins-etf-odds?
