Bitcoin On-Chain Metrics Remain Robust During July’s Rebound

[Pelican Press 0]

This is the hidden content, please

• Sign In
• or
• Sign Up

Bitcoin On-Chain Metrics Remain Robust During July’s Rebound

Key Takeaways

• BTC price recovered 29% since July 5, reaching a 38-day high of $68,560.
• ETF inflows totaled $1.2 billion last week, signaling renewed investor interest.

(BTC) reached a 38-day high of $68,560 last week, marking a 29% recovery since July 5th, and the latest edition of the “Bitfinex Alpha” reports that on-chain metrics for BTC are strong.

BTC recorded its first sequence of five consecutive green daily closes since early March, indicating a robust momentum shift. The market has absorbed the sell-off from the ******* government, which liquidated over 48,000 BTC.

Moreover, miner selling pressure, typically high after halvings, has decreased. The Miner Sustainability metric shows miners have returned to profitability for the first time in a month.

The Miner Position Index has reached equilibrium, suggesting other forces now play a more substantial role in BTC price determination.data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///ywAAAAAAQABAAACAUwAOw==

Notably, spot Bitcoin exchange-traded funds (ETF) outflows have become the main downward pressure on price. However, last week saw almost $1.2 billion in total inflows, with the average inflow cost basis at $58,200.

Moreover, the Cumulative Volume Delta metric indicates more aggressive buying pressure over the past couple of weeks, marking the first net-buy-side aggression since March.data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///ywAAAAAAQABAAACAUwAOw==

Bitcoin Exchange Reserve has rapidly decreased, suggesting large investors are buying the dips and moving assets off exchanges. This behavior points to accumulation and a potential supply squeeze.

On the investors’ side, the Short-Term Holder Realized Price has moved up alongside the BTC price, indicating dip-buying. The Long-Term Holder Realized Price has moved past $20,000 for only the second time in history, reflecting net accumulation by long-term holders for the first time since the 2022 bear market.

This is the hidden content, please

• Sign In
• or
• Sign Up

This is the hidden content, please

• Sign In
• or
• Sign Up

#Bitcoin #OnChain #Metrics #Remain #Robust #Julys #Rebound

This is the hidden content, please

• Sign In
• or
• Sign Up

This is the hidden content, please

• Sign In
• or
• Sign Up