The latest bear cycles in the bitcoin (BTC) market were forecasted by Santiment’s MVRV index, and the index currently shows that bitcoin is undervalued. Whales are increasing their holdings on bitcoin exchanges by 30,000 BTC in the meantime.
The amount of bitcoin (BTC) that whales are holding on exchanges is growing
Over the past week, bitcoin whales (BTC) have added 30,000 BTC to their account balance. This data was obtained from data that crypto researcher Ali Martinez gave, who said that addresses with between 100 and 10,000 BTC boosted their holdings by almost 30,000 BTC.
Additionally, according to Glassnode, whales acquired 140,000 bitcoin (BTC) each month throughout the decline to expand their holdings. Currently, they account for about 8.69 million BTC, or 45.6% of the entire BTC supply.
Shrimps also raised their holdings in 2022, according to Glassnode, when they bought 113,884 BTC. The shrimp symbolize addresses with less than one Bitcoin, so keep that in mind.
The MVRV index drops to -48.23 percent this month from -50.09 percent previous month.
The market value in relation to realized value is represented by the MVRV (Market Value to Realized Value) index. This measure offers details on the actual worth of a coin. If this index is lower than 0.1, the corresponding digital asset is undervalued in relation to its fair value. In January 2015, bitcoin’s (BTC) 365D MVRV was -56.85 percent. In December 2018, it decreased to -55.62 percent. The bear market’s end was then signaled by that. The BTC MVRV index peaked at -50.09 percent in mid-June and is now at -48.23 percent.
Analysts claim that in order to determine a bear market floor for bitcoin, the many theories and historical models cannot be taken into account in a cohesive manner given the current macroeconomic climate (BTC). The major macroeconomic indices have, in fact, reached extraordinarily low levels right now. This applies to both chain indicators and technical indicators.
Separately, Glassnode revealed that after reaching the $69,000 threshold in November 2021, the bitcoin (BTC) market saw two distinct periods of capitulation. The Luna Foundation Guard’s sale of more than 80,000 BTC serves as the catalyst for the start of the first stage of capitulation. The fall of the cryptocurrency market two weeks ago served as the catalyst for the second phase. At that point, exchange transaction volumes were at their highest level.
Bitcoin’s (BTC) price yesterday increased slightly to $19,438. We cannot, however, declare that the decline has already ended. Recent data, however, suggest that bitcoin (BTC) is moving towards a second stage of capitulation. Whales are still adding to their BTC balances on cryptocurrency exchanges in the meantime.
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