Tech News, Magazine & Review WordPress Theme 2017
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

Glassnode Looks at State of Bitcoin Amid ‘Extremely Quiet’ On-Chain Activity

by Daily Hodl Staff
July 28, 2021
in Bitcoin

Blockchain analytics firm Glassnode is looking at the state of Bitcoin after the world’s leading crypto by market cap launched a sudden rally starting over the weekend.

In a new report, Glassnode says that one potentially bullish factor for Bitcoin is the growing number of wallet addresses receiving BTC, rather than sending it.

“On the topic of entities, we can see a more constructive spike in receiving entities (those taking custody of coins) whilst sending entities (those spending coins) remains relatively flat. This is an early trend change and one that would indicate a more positive accumulation type environment if it persists. It highlights that of the volume that is transacting, a reasonable portion looks to be accumulation, and relatively little is entities exiting the network.”

Source: Glassnode

Although the number of addresses receiving BTC is on the up and up, Glassnode points out that on-chain activity for Bitcoin is ominously quiet, sitting at a level vastly below what it was when BTC was rallying earlier in the year.

“In direct contrast to the volatility in spot and derivatives markets, the transaction volume and on-chain activity remain extremely quiet. On a 14-day median basis, the entity-adjusted transaction volume for Bitcoin remains depressed at around $5 billion per day. This remains a significant decline from the $16 billion/day prior to the May sell-off.”

The firm also takes a look at the MVRV (market value to realized value) in short-term holders. MRVR aims to pinpoint market reversals by comparing the total value of the market to the unrealized profits or losses of traders’ positions.

According to Glassnode, the MVRV metric is currently hovering at a critical juncture where BTC could either ignite a full-blown bear market or restart its uptrend.

“The STH [short-term holder]-MVRV rarely trades at such oversold conditions with almost all historical instances being followed by significant price rallies. That said, these fractals typically only occur in bear markets, noting that this includes the final capitulation event which starts a macro bull.”

Source: Glassnode

The crypto insights firm says more time is needed to determine whether Bitcoin can revamp its bull run or break down into a longer-term bear market.

“At this stage, it remains to be seen whether the market can turn the macro trend around and confirm a resumption of the bull market. If so, it would resemble the 2013 ‘double pump’ market. If not, the probability of being a mid-Bear fractal may increase.”

Check Price Action

Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

 
Check Latest News Headlines


 
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Bryan Vectorartist

Submit a Press Release

Industry Announcements

  • Saddle Finance Announces End of Lock-Up Period for Its SDL Token
    June 24, 2022
  • NFTs Accessible to All With Launch of Fiat-Focused SIMBA Market
    June 23, 2022
  • Korea Blockchain Week To Hold First Live Event in Seoul After Covid Hiatus
    June 23, 2022
  • CoinLoan Partners With Elliptic To Provide Crypto Users With Top-Notch Security
    June 22, 2022
  • Gate.io – The Crypto Winter Is a Good Time To Accelerate Web 3.0
    June 21, 2022
  • How the Earliest Soulbound Use Case Creates Real Web 3.0 Heroes
    June 21, 2022
  • ADI Whitelist – A Universal Identity Layer by Accumulate
    June 20, 2022
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$21,199.00
$21,199.00
1.19%
Ethereum
$1,216.66
$1,216.66
1.75%
Cardano
$0.500745
$0.500745
1.01%
XRP
$0.360948
$0.360948
1.68%
Dogecoin
$0.076045
$0.076045
11.53%

Spotlight

  • Crypto Whales Suddenly Move Nearly $2,000,000,000 in Bitcoin As BTC Breaks $20,000 Level: On-Chain Data
    June 19, 2022
  • Top Crypto Strategist Details Bullish Scenario for Bitcoin As BTC Surges Above $21,000
    June 22, 2022
  • Here’s What Needs To Happen for Bitcoin To Reverse Course, According to Top Crypto Analyst
    June 24, 2022
  • Crypto Firm Celsius Addresses Community As Top Investor Details Potential Recovery Plan
    June 20, 2022
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2022 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2022 The Daily Hodl