Bitcoin On-Chain Health Remains ‘Net Positive’: ARK Invest Report
2024年9月14日 - 8:30AM
NEWSBTC
Although Bitcoin (BTC) on-chain health remains net positive, from a
price perspective two crucial support levels must be maintained for
a continued bullish uptrend, notes ARK Invest in its latest monthly
report. Bitcoin’s Healthy On-Chain Metrics, What Does It Mean? In
its report, ARK Invest posits that Bitcoin requires some upside if
its market structure is to be maintained. The report notes that in
August 2024, BTC’s price slid by 8.7% to $58,972. The leading
digital asset was also unable to overcome its 200-day moving
average, making two key support areas at $52,000 and $46,000
critical for its bullish momentum. The report states that despite
the temporary headwinds faced by Bitcoin, its on-chain health
remains ‘net positive.’ Essentially, the Bitcoin network is net
bullish across different on-chain metrics such as network security,
network usage, and holder behavior. Bitcoin’s long-term holder
supply, or BTC held for more than 155 days by holders, is up 3.3%
month-over-month (MoM) and down a marginal 0.23% year-over-year
(YoY). In addition, Bitcoin’s locked supply has increased in both
MoM and YoY terms by 0.58% and 1.82%, respectively. Related
Reading: Bitcoin Long-Term Holder Supply Reclaims ATH, Return Of
Conviction? Bitcoin’s transaction volume has tumbled by 24.5% MoM
and 2.3% YoY, a bearish on-chain indicator. However, Bitcoin’s
bullish on-chain metrics overshadow the one bearish indicator,
allowing its on-chain health to remain net positive. Another key
performance indicator strengthening ARK Invest’s bullish stance on
Bitcoin is its short-to-long liquidation dominance. Essentially,
this metric measures short-term liquidations relative to long-term
liquidations over the last 90 days, and found that it’s at its
lowest since Q2 2023. Bitcoin ETF Investors Underwater
At Large The report highlights that at the end of August 2024, the
estimated cost basis of US spot exchange-traded-fund (ETF)
participants was higher than BTC’s price, hinting that the average
ETF investor may be at a loss. The higher estimated cost basis of
US spot ETF participants compared to its price can be confirmed
from the chart below. The US Securities and Exchange Commission
(SEC) approved spot Bitcoin ETF earlier this year, which made it
easier for institutional and retail investors to gain exposure to
the world’s largest cryptocurrency through a compliant investment
product. Related Reading: Bitcoin ETF Approval Triggers $1.2
Billion Trading Volume And New Highs For BTC Price Bitcoin ETFs are
witnessing unprecedented interest from institutional investors.
Specifically, Wall Street titans such as Goldman Sachs and Morgan
Stanley have poured millions of dollars into Bitcoin ETFs.
Conversely, Ethereum ETFs haven’t yet piqued institutional
interest at comparable levels. At press time, Bitcoin trades at
$57,836, up a minimal 0.2% in the past 24 hours. BTC’s total market
cap stands at $1.14 trillion. Featured image from Unsplash, Charts
from ARK Invest and Tradingview.com
Bitcoin (COIN:BTCUSD)
過去 株価チャート
から 9 2024 まで 10 2024
Bitcoin (COIN:BTCUSD)
過去 株価チャート
から 10 2023 まで 10 2024