The bitcoin market is in a state of 'high risk', according to network indicators

The bitcoin market is in a state of 'high risk', according to network indicators

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by Max Nevskyi

3 years ago

According to the latest data from the Glassnode crypto analysis platform, network indicators used to assess the value of Bitcoin (BTC) have shown a high level of risk, which may indicate the beginning of a bull market for cryptocurrency.

As per Glassnode's report on February 10th, the indicator determining Bitcoin's long-term value relative to its market value has exceeded the "medium risk" zone and firmly entered the "high risk" area.

An elevated risk level typically signals the start of a bull market for Bitcoin, as it suggests the return of long-term investors to a "significant level" of profitability, noted Glassnode.

The MVRV indicator (Market Value to Realized Value ratio) aims to determine whether Bitcoin is overvalued or undervalued compared to its "fair value".

According to data from the crypto analytics platform SoSoValue, on February 9th, new spot Bitcoin ETFs in the US attracted a net inflow of $541 million, marking the largest daily inflow of funds except for the first day of trading.

Meanwhile, Grayscale GBTC recorded its lowest daily outflow: on February 9th, only $51.8 million was withdrawn from the fund, which is 91% less than the record daily outflow of $620 million recorded on January 23rd.

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