Santiment’s MVRV index, which predicts recent bear cycles in the bitcoin (BTC) market, currently shows that the cryptocurrency is undervalued. Meanwhile, whales are adding 30,000 BTC to their holdings on cryptocurrency exchanges.
Whales are increasing their bitcoin (BTC) holdings on exchanges
Bitcoin (BTC) whales have added 30,000 BTC to their balance in the past week. This information was taken from data provided by crypto analyst Ali Martinez who confirmed this addresses with between 100 and 10,000 BTC their holdings increased by about 30,000 BTC.
In addition, Glassnode reported that the whales bought 140,000 bitcoins (BTC) each month to increase their holdings. Today, they total more than 8.69 million BTCrepresenting 45.6% of total BTC supply.
Meanwhile, Glassnode revealed that prawns also increased their holdings in 2022, with the purchase of 113,884 BTC. Remember that shrimps are addresses with less than 1 BTC.
After falling to -50.09% last month, the MVRV index reaches -48.23%
The MVRV (Market Value to Realized Value) index represents market value in relation to realized value. This is a metric that provides information on the true value of cryptocurrency. If this index is less than 0.1, it means that the digital asset concerned is understated compared to its fair value. The 365D was the MVR of bitcoin (BTC). -56.85% in January 2015. It fell to -55.62% in December 2018. It then signaled the end of the bear market. In mid-June, the MVRV BTC index reached -50.09%, and is currently at -48.23%.
According to analysts, the current macroeconomic environment does not allow the various historical theories and patterns to be consistently considered for the establishment of a bear market floor for bitcoin (BTC). In fact, at present, the macroeconomic indicators are different dropped to very low levels. This applies to technical indicators as well as chain indicators.
Separately, Glassnode reported that the bitcoin (BTC) market had two different capitation stages after reaching the $ 69,000 mark in November 2021. selling more than 80,000 BTC The Luna Garda Foundation is the motivational event for the first phase of the surrender. As for the second phase, it was prompted by the collapse of the crypto market two weeks ago. The number of transactions on the exchanges then peaked.
Yesterday, bitcoin (BTC) was trading at $ 19,438, which showed a slight rise. However, we cannot say that this is already the end of the downturn. Rather, recent data show that bitcoin (BTC) is entering the second phase of capitalization. Meanwhile, whales continue to increase their BTC balance on cryptocurrency exchanges.
Source: U.Today
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Luc Jose Adjinacou
Far from dampening my enthusiasm, an unsuccessful investment in cryptocurrency in 2017 only increased my enthusiasm. So I decided to study and understand the blockchain and its many uses and express my pen information related to this ecosystem.
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