Bitcoin Halving in Less than a Year: Investor’s Apathy is Firmly in Play-What’s Next?
The post Bitcoin Halving in Less than a Year: Investor’s Apathy is Firmly in Play-What’s Next? appeared first on Coinpedia Fintech News
Bitcoin underwent a significant rebound the past weekend as the prices marked an intraday high close to $26,500. Despite the recent price jump, the possibility of a massive drop haunts the BTC price. The volatility, volume, and realized values are at multi-year lows, which indicates that Bitcoin investors’ lack of enthusiasm is growing.
Below are some of the weekly on-chain data by Glassnode that indicate that the holders continue to hold and also accumulate at a slower pace.
One of the essential metrics that hints a the upcoming price movement is the futures contract. Interestingly, the Bitcoin and Ethereum contracts, both plunged heavily, while the combined futures volume has dropped from close to $60 billion to $31.96 billion per day.
Next, comes the Bitcoin bull and bear market durations, which indicate the pace and strength of the rally. During the previous bull runs in 2013, 2017, and 2021, the BTC price’s transitional trading has been above 70%, while the MVRV and the realized price continue to soar high. However, the current transitional duration in 2023 has dropped while the other metrics soar.
Amid the plunging on-chain metrics, the traders with balances under 100 BTC continue accumulating. They have currently absorbed an equivalent of 254% of mined supply over the last month, which comes to around 2286 BTC per day. The levels soared high previously when the markets began to recover in the first few weeks of 2023. Presently, the shrimp-to-fish balance has again started to surge.
Although the on-chain metrics currently appear to be in the bears’ favour, the traders appear to be bullish on Bitcoin in the long term. Therefore, the accumulation and holding mindset of the traders may trigger a significant rebound in the BTC price in the short term. However, until the BTC price secures its levels above crucial resistance at $28,500, it may remain under the bearish influence and be prone to dropping back towards the lower support.
