Analytics firm Glassnode suggests that Bitcoin is at a critical junction and its next move could be foreshadowed by its short-term holder market value to realized value (MVRV) indicator. This metric measures the unrealized profit or loss of BTC holders who have bought their stacks within the last 155 days.
The indicator is currently hovering at a level that indicates short-term holders are breaking even, making it a decision point for the market. Additionally, Glassnode notes that BTC transaction fees related to on-chain exchange activity are experiencing a bump following the SEC charges against Binance and Coinbase, suggesting that holders are moving Bitcoin in and out of exchanges at a higher-than-usual rate.
All Comments