Ad Exchange-related deposits and withdrawals of Bitcoin are often good indicators of market sentiment. When the number of exchange deposits grows, the liquid supply of Bitcoin grows and shows the market’s readiness to trade. Conversely, when the number of exchange withdrawals increases, investors seem less interested in trading and are looking to hold their BTC…
Analyzing Bitcoin’s market cap shows that the 2022 bear market brought the fourth worse drawdown from the all-time high in its history. Bitcoin’s drop to $15,500 represents a 76.92% drawdown from its ATH. Market capitalization is one of the most widely used metrics when estimating the size and value of an asset. Defined as the…
Ad Glassnode data analyzed by CryptoSlate shows that new address momentum metrics of Bitcoin (BTC) and Ethereum (ETH) reflect that the BTC network is growing while the sentiment on the ETH network is the opposite. An uptick in daily active users, more transaction throughput, and increased demand for backspace often characterize healthy network adoption. Considering…
Glassnode data analyzed by CryptoSlate analysts suggests that rising Bitcoin (BTC) price also increases miner profitability and revenue, which have been historical pointers for market bottoms. CryptoSlate looked into the Difficulty Regression Model and Miner Revenue vs. Yearly Average comparison metrics to evaluate miners’ profitability. While both metrics agree that things are going swimmingly for…
Glassnode data analyzed by CryptoSlate analysts shows that Asia, the U.S., and the EU have been bullish on Bitcoin (BTC) and Ethereum (ETH) since late January. As the regional price metrics indicate, investors from all three regions feel more bullish on BTC than they do on ETH. In the meantime, year-over-year BTC supply for Asia…
Futures open interest (OI) is the total number of open futures contracts for an asset held by market participants. Open interest on futures contracts for any given asset varies daily, representing the amount of cash flowing into the market. A growing OI means that more money is moving into futures contracts, while a declining trend…
Data analyzed by CryptoSlate suggests the strong correlation between Bitcoin and gold could mark the start of a price run-up, depending on whether the Fed’s hiking schedule is done by March. The Federal Open Market Committee (FOMC) meeting is set to conclude on Feb. 1, with the market overwhelmingly expecting a 25 basis point hike,…
CryptoSlate analysts examined the gas usage shares of different transaction categories on the Ethereum (ETH) network and found that the NFTs category accounted for 28% in the first month of the year. The analysis divides all transactions on the ETH network into eight categories as Vanilla, ERC20, Stablecoins, DeFi, Bridges, NFTs, MEV Bots, and others….
Assessing the health of the crypto market requires looking at more than just Bitcoin’s price. Looking at the percentage of Bitcoin holders that are in profit, meaning they bought BTC at a price lower than its current spot price, is a solid indicator of future movements. Holders that saw their BTC increase in value are…
Glassnode data analyzed by CryptoSlate suggests that investors are confident holding Bitcoin and Ethereum, over stablecoins, during the current risk-off environment As previously mentioned, billions in stablecoins have been redeemed for fiat in recent months. A significant factor in this was the Binance insolvency FUD, which sparked a run on the exchange. However, as the…