Recent BTC analytics stats show mixed sentiment
In an age of misunderstanding, fear and greed in the crypto market, it is important to have a solid foundation to make investment decisions, and that is where data from reliable crypto analysts, be it Glassnode or Santiment, often featured in our reviews, come handy.
Let’s start with rather positive news from Glassnode, according to which the number of “non-zero” Bitcoin wallets reached an all-time high of 42,349,855 wallets. However, the previous record was recorded the day before, on July 4, which indicates a continuing trend and a massive emergence of new BTC investors. At the same time, wallets with balances over 0.01 BTC and 0.1 BTC are also growing, with values of 10,414,216 and 3,681,161 unique addresses, respectively.
On a less positive note, Glassnode reports that the Relative Unrealized Loss (RUL) figure hit a three-year high of 0.498. The metric reflects the total loss in USD of all existing Bitcoins, whose price at the time of realization was higher than the current price of BTC. Of course, the value of 0.498 for RUL is not a limit on the bear market; during the previous massive market correction in 2018, the indicator reached values of 0.71. However, the indicator’s continued decline clearly signaled the emergence of new bullish momentum, especially when applied in conjunction with the Relative Unrealized Profit (RUP) and overall Net Profit/Loss metric. not done (NUPL).
In negative news, Santiment reported today that Bitcoin’s average profitability is -45% year-to-date. This is the lowest figure since 2018. The Market Value to Realized Value (MVRV) was used to announce the diagnosis. On the one hand, this is a rather sad fact, but on the other hand it is a good signal for possible entry onto the market. The indicator is currently at the bottom of 2018, when the price of one BTC was only $3,600.
On-chain measures do not absolve investors of liability
It is important to understand that chain measurements are not a panacea. The market has only just arrived at similar indicators to the 2018 low and could stay there for a long time, occasionally pressure and sell off impatient investors. Nevertheless, careful application of proven indicators and careful analysis will certainly help any crypto enthusiast to at least significantly reduce the risk of losses and not sink in this raging crypto market.
