It is typical in prior Bitcoin cycles that an uptick in new demand tends to come alongside an elevated appetite for speculation. This tends to result in increasingly volatile markets, which is characteristic of macro up-trends in prior Bitcoin cycles.
90-day realized volatility has nearly doubled from 28% to 55% since October 2023, which marked the point where Realized Cap inflows started to accelerate higher.
During the recent price decline from the all-time high (ATH) to a low of $ 61.2k, approximately 2.0M BTC transitioned from 'in-profit' to 'in-loss' status, indicating a significant volume of coins transacted at a higher cost basis. As the market rebounded to $ 66.5k, about 1.0M coins returned to 'in-profit' status. Consequently:
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Approximately 1.0M BTC have a cost basis between $ 61.2K and $ 66.5K.
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Approximately 1.0M BTC have a cost basis between $ 66.5K and the ATH at $ 73.2K.
This represents one of the larger 'supply clusters' seen during pullbacks since the 2022 lows, suggesting increased on-chain coin volumes in recent months.
The growth in the Number of Whale on the #Bitcoin network has been diminishing cycle upon cycle.
#Whales Unloading there Bag YoY 👀
The price surge of #Bitcoin has resulted in the stability of Bitcoin supply held per Whale at around 5,350 #BTC per #Whale. However, the Market Cap percentage owned by the #Whale cohort is decreasing, despite the stability in the supply held.
On this, we can say, #Bitcoin Supply per Whale has remained stable, However, the percentage of the total market cap owned by #Bitcoin whales has been declining, indicating that smaller #investors may be buying.
📆 Global crypto headlines of the day:
🛑SFPD announced the arrest of the killer of Cash App founder Bob Lee. It is reported that the suspect knew his victim.
🛑Zipmex investor refused to pay the promised amount in full and is willing to pay creditors 10-20 cents on the dollar.
🛑An Ethereum Foundation developer revealed that ETH stakers provide their confidential data, including IP address.
🛑Chia Network filed for an IPO registration with the SEC. The project's token (XCH) responded with a 9% increase.
🛑From August 2021 to February 2023, about 7,000 Metamask users experienced a leak of personal data.
$BTC Update
Currently BTC is under a strong daily resistance of 31-32k$. Don't get bullish here like most of the retailers are. Funding is highly positive as well which indicates that there are lots of longs in the market than shorts. Avoid FOMO here, mark your levels & play it accordingly with patience!
My levels, If we flip 33k$ with negative funding/bearish news with a lots of shorts trapped then long & if we goes back into old range which is below 29k$ then short. No trade in between.
Most people trading here either because of FOMO or they are addicted to it.
📆 Global crypto headlines of the day:
🛑Argentina's securities regulator has approved a Bitcoin-based futures index.
🛑The G7 will focus on helping developing countries launch CBDCs.
🛑A former JPMorgan employee was arrested in New York for promising clients huge profits from cryptocurrency trading.
🛑Cardano's native wallet Lace is now available to users in the mainnet.
🛑The brother of a former Coinbase product manager was sentenced for insider trading.
🛑OpenAI has launched a Bug Bounty Program for white hat hackers, with rewards ranging from $200 to $20,000 for discoveries.
What is #UTXO Realized Price Distribution ?
The #UTXO Realized Price Distribution is a chart that provides insight into the price at which each unit of a #cryptocurrency has been transacted since it was last moved on the blockchain. The chart #maps the number of units of the cryptocurrency that were transacted at different #price ranges.
The #UTXO Realized Price Distribution is based on the Unspent Transaction Output (#UTXO) model, which is used by many cryptocurrencies, including Bitcoin. In this model, each transaction #output is considered as an unspent output, which can be spent in future transactions.
The #UTXO Realized Price Distribution chart can help investors and analysts understand the behavior of cryptocurrency #hodlers and traders. For example, it can reveal whether investors are holding on to their cryptocurrency during #market downturns or selling it off, and at what prices. It can also help to identify #support and #resistance levels in the market.
Despite #Bitcoin's almost 100% increase in price since then, 6% of the total #Bitcoin supply was last transacted at the $16K level. This suggests that those who purchased #Bitcoin at that level are hodling onto their investments and have no plans to sell in the near future, making them the buyers of last Obstacle.
