Bitcoin presents a ‘generational investment opportunity,’ but do the whales disagree

  • 📰 CryptoAmb
  • ⏱ Reading Time:
  • 29 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 15%
  • Publisher: 68%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

Bitcoin’s price and energy costs indicate a positive outlook for BTC in the long run Large addresses and whales do not share the same sentiment either Bitcoin’s [BTC] recent rally has brought with it a lot of optimism and speculation about its future. In fact, an analyst has suggested that the electrical costs of Bitcoin […]

Additionally, according to Glassnode’s data, the number of addresses holding more than 10o BTC have started to decline. Figures for the same hit a 3-month low at press time, further indicating skepticism from the market’s whales.Also, trader sentiments have started to echo whales’ bearish behavior. In fact, Coinglass’s data suggests that the percentage of short positions taken against BTC rose from 49% to 51.2% over the last few days.

Another metric that indicated potential higher selling pressure for BTC is the declining miner revenue. If miner revenue continues to decline in the same fashion as it has over the past few days, many miners will be forced to sell their BTC holdings for a profit in the future.The increasing MVRV ratio for BTC isn’t of much help either to long-term BTC holders.

The growing MVRV ratio implies that most BTC holders are relatively more profitable. This would make it much more tempting for short-term holders to sell their positions for a profit going forward.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 22. in NG
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Cryptocurrency prices hold steady as stock market slips: BTC Up 71% YTDCryptos trade sideways as the market continues to consolidate following a hot start to 2023 that has seen Bitcoin gain more than 71%.
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »