Bitcoin (BTC) Investors have kept their currencies on stock exchanges in recent weeks, even with the high level of profitability at the level of the market to levels that usually lead to distribution, according to July 1 report from Glass.
Bitcoin fell from 106,000 dollars to $ 99,000 during Israel Top last week, but buyers defended the basis of the short -term cost of a pregnant woman at $ 98,300 and raised the market to $ 107,000 after announcing the ceasefire.
The report is referred to To apostasy As a “constructive reference” because it occurred at a level that historically separates the bullish systems from the decline. The episode left the maximum market with about $ 2.13 trillion, and the achieved CAP for $ 958 billion, which led to about $ 1.2 trillion of unreasonable profits over the network.
Profitable summits, however the achieved gains fade
The percentage of the market value to the achieved value (MVRV) indicates that the average currency is now 125 %, which is more than neutral but less than March reading by 180 %.
Despite the incentive, the average profit achieved only $ 872 million per day, much less than $ 2.8 billion and $ 3.2 billion recorded when Bitcoin for the first time reached $ 73,000 in March 2024 and $ 107,000 in December 2024.
The report noted that both the long and short holders overlook the spending back after a summary rise near the highest level ever, which sent the risk percentage on the sale aspect towards the low activity lands.
Metal currencies have increased for at least 155 days to the highest level of 14.7 million BTC, confirming that maturity flows exceed the distribution.
Glassnode, which compares the creation of the Currency Day to destruction, continued to decline. The report indicated that this pattern reinforces the opinion that reservation remains the dominant strategy.
Moreover, the analysis highlighted that the portfolio that she bought during the January outbreak, which exceeds $ 100,000, still maintains most of these coins, which confirms flexible feelings under the surface.
Liquidity reads neutral to positive
The stablecoin supply ratio is fluctuated near the foundation line, indicating that the purchase force in the distinctive symbols of the dollar is almost in line with the available bitcoin supplies.
The stock exchange purchase data spinning Stablecoin is shown in important assets during the past month, and net flows to the United States for Bitcoin rose to an average seven -day average of $ 298 million.
The report stated that these flows indicate “the increasing institutional participation on a large scale”, which complements the reluctance of the owners of the list to separate from their coins.
Glassnode concluded that a new expansion of prices may be needed to lure the meaning of meaning, as the current levels fail to achieve sufficient profits to absorb the new demand.
