Bitcoin Unrealized Profits Hit Above 120%, BTC Exchange Volume Tumbles, Signs of Concern?

Highlights

Bitcoin holders have an average unrealized profit of around 120%, reminiscent of levels seen during the March ATH.
Bitcoin's on-chain transaction volumes have significantly declined from their peak.
The Bitcoin spot volumes on exchanges shows a prevailing sentiment of investor disinterest.

The Bitcoin (BTC) price has been recently consolidating in a very tight range of $65,000-$66,000 amid investor boredom and apathy with a staggering 87% of the circulating supply currently sitting in profit. If the BTC price fails to give a decisive upside, we could be seeing profit booking as well leading to a BTC price drop to $60,000.

A Look At Bitcoin MVRV Ratio

As per the Glassnode Researchers, the Bitcoin market value to realized value (MVRC) metric shows that the average coin holds an unrealized profit is around 120%, last seen during the Bitcoin ATH in March. Interstingly, the MVRV ratio remains above the baseline highlighting that the macro uptrend remains intact.

As of now, the Bitcoin price is stabilizing and consolidating between the standard deviation range of 0.5 to 1.0. This shows that despite the choppy market conditions, investors are sitting on higher profits.

Ever since the March all-time high levels, the BTC price has been unable to sustain the upward journey. This shows that the BTC demand is not increasing sufficiently to establish a decisive upward momentum.

Bitcoin Trading Activity Disappoints

Despite the strong profitability of Bitcoin investors, the total transaction volume processed on the Bitcoin network has dropped considerably since reaching its all-time high. This development highlights waning interest among speculators and increased uncertainty in the market.

Also, a major trend is emerging in the Bitcoin spot volume traded across major exchanges. this highlights the close relation between the trade volumes and the on-chain settlement volumes, thereby indicating a prevailing sentiment of investors disinterest.

Glassnode data reveals a significant drop in Long-term Holder (LTH) investor activity, reflected in the minimal percentage of LTH balances being sent to exchanges, which stands below 0.006%. This indicates that LTHs have reached a state of equilibrium, where price adjustments—either higher or lower—are needed to prompt more active trading behavior among this group.

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets.   He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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