Bitcoin is doing its little dance below $115,000, almost hitting $113,098. That’s a 6.5% dip in a week, almost 9% away from its all-time high. But hold up, the crypto wizards peeking at the on-chain crystal ball think there might still be some magic left in this market cycle. One of these magic folks, PelinayPA from CryptoQuant, whipped out their MVRV wand. This MVRV thingummy compares Bitcoin’s total market cap with its realized cap, giving us hints about where the crypto rollercoaster might twist next. When this ratio hits 3.5 to 4, it’s like the market’s had too many energy drinks – things get shaky. But right now, we’re at a cool 2.1. Neutral vibes, they say. Not cheap, but not overpriced either. To hit the historical high notes, Bitcoin might need to boogie up to $140,000-$180,000. And speaking of moves, BorisD from CryptoQuant was spying on Binance’s flowery exchange netflow data. Some tokens like ENJ and FET did a disappearing act from Binance, hinting that they’re cuddling up in private wallets for the long haul. On the flip side, ANKR and MATIC decided to crash the exchange party, possibly gearing up for a wild ride or a fancy market makeover. Keep an eye on these moves; they might just hold the key to the next crypto adventure!
Is Bitcoin’s Bull Run Taking a Breather? Here’s What the MVRV Data Whispers
