- Bitcoin market has seen an injection of over $16 billion this year.
- Bitcoin held by short-term investors dropped to a multi-year low.
- Bitcoin’s trading volume surged by 97% in the last 24 hours.
Since this year’s onset, the Bitcoin market has seen an injection of more than $16 billion from cryptocurrency investors. Although this is a substantial sum, it only represents a 4.1% increase in capital inflow, which pales compared to the surge witnessed during the 2021-22 cycle. This diminished capital influx into Bitcoin indicates a growing sense of caution among BTC investors over the past year.
Blockchain analytics company, Glassnode, has collected on-chain data showing that Bitcoin’s on-chain metrics are exhibiting extreme values amid unprecedented volatility in the cryptocurrency market. The amount of Bitcoin held by short-term investors has dropped to a multi-year low of 2.56 million BTC. Concurrently, several crucial on-chain metrics, such as Bitcoin price volatility, have hit historical lows.
Another key indicator that plummeted to unprecedented lows was the sell-side risk ratio for short-term BTC holders. Nevertheless, the Bitcoin reserve maintained by long-term holders persistently escalated, hitting a record peak of 14.6 million BTC. The on-chain analytics suggested that Bitcoin investors exhibited strong confidence in the premier cryptocurrency, resulting in a decrease in BTC liquidations.
As of the time this report was penned, Bitcoin
Intriguingly, Bitcoin has seen a significant surge in its trading volume, with a remarkable 97% increase in the last 24 hours, reaching over $12 billion. Examining Bitcoin’s technical metrics, the On Balance Volume (OBV) is presently around 1.7 million. A positive OBV typically suggests bullish price movements shortly. Concurrently, the Relative Strength Index (RSI) on Bitcoin’s daily chart is 52.1, indicating a neutral position.
Coinglass data reveals that over the past 24 hours, BTC liquidations exceeded $17.2 million, most of which were long positions. There has been a 0.5% uptick in the total open interest for BTC perpetual contracts on centralized exchanges.
