- At the time of publication, the token’s MVRV ratio was 1.55. Because the BTC ratio is closer to the lower end of the 1-3.5 range, it suggests that the token is in a bear market and is currently being held at a loss. The current MVRV ratio is also a good predictor of market capitulation.
- Glassnode also noted that the overall BTC supply, which had not been active in five to seven years, had increased from roughly 660K on April 1 to around 682K on May 6.
- According to new Glassnode statistics, the number of expended outputs with a lifespan of three to six months hit a monthly high. On 3 May, the total spent production with a shelf life of three to six months was 22,691 and had risen to 35,981 at the time of writing.
According to CoinGecko data, Bitcoin (BTC) was trading in the red zone at $35,805, down more than 10% in the last 24-48 hours. Since BTC has been trading in the negative for the fifth week, the token has had a difficult time. According to Glassnode data, the exchange netflow volume was 1,4992 BTC at the time of writing. A positive netflow indicates that the inflow exceeded the outflow, indicating improved market liquidity.
Of Arithmetic As Well As Other Things
Glassnode also noted that the overall BTC supply, which had not been active in five to seven years, had increased from roughly 660K on April 1 to around 682K on May 6. A surge in this statistic suggests that long-term HOLDers are releasing their holdings in order to reduce their losses in anticipation of the market falling much more.
According to new Glassnode statistics, the number of expended outputs with a lifespan of three to six months hit a monthly high. On 3 May, the total spent production with a shelf life of three to six months was 22,691 and had risen to 35,981 at the time of writing.
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The Impact Of Bear
At the time of publication, the token’s MVRV ratio was 1.55. Because the BTC ratio is closer to the lower end of the 1-3.5 range, it suggests that the token is in a bear market and is currently being held at a loss. The current MVRV ratio is also a good predictor of market capitulation.
The decline of the king token has not only harmed its stability as a safe investment, but it has also made countries wary of continuing to invest in the token. Due to the volatile and high-risk nature of crypto assets, the Central Bank of Argentina Republic (CBAR) has forbidden all banks in the country from offering them through the financial system. The International Monetary Fund (IMF) has expressed worries about the token’s adoption in El Salvador and the Central African Republic, citing financial instability and substantial economic issues.
Source: https://www.thecoinrepublic.com/2022/05/07/bitcoin-how-are-holders-responding-as-values-drop-to-the-35k-scope/