Bitcoin data analysis by Glassnode in report #31.
The latest release of Market Vectors, specifically Bitcoin Vector #31, was developed by Swissblock, in conjunction with Willy Woo and is presented by Glassnode. The report focuses on various aspects of the market and presents key insights into the current state of Bitcoin.
One of the primary areas of interest highlighted in the report is the decrease in Bitcoin’s value below crucial cost-basis models. This decline is attributed to a weakening in spot demand and ETF flows. The derivative market also mirrors this downward trend, with open interest falling, cycle-low funding, and options being repriced for a downward trajectory. The rising implied volatility (IV) and the increased demand for puts suggest a shift in the market towards seeking protection.
The report also delves into the state of Bitcoin’s price movement, highlighting a consolidation phase within a slightly bearish range of $97K to $111.9K. While accumulation near $100K provides some support, resistance above $106K limits any potential upside movement. Factors such as ETF outflows, low leverage, and a noticeable increase in put demand reflect a cautious market sentiment awaiting a clearer direction and conviction.
Moreover, the report emphasizes the collaboration between Keyrock and Glassnode to analyze Bitcoin and Ethereum as competing store-of-value assets. By examining their supply structure and usage profiles through Glassnode’s on-chain analytics, the report sheds light on how both cryptocurrencies exhibit store-of-value characteristics, each with its distinct features and applicability in the market.
In conclusion, the Market Vectors report #31 offers valuable insights into the current state of the Bitcoin market. By exploring various aspects such as price movements, derivatives market trends, and Bitcoin’s store-of-value attributes, the report provides a comprehensive overview of the cryptocurrency landscape. Investors and enthusiasts alike can benefit from the detailed analysis and expert perspectives presented in the report to make informed decisions in the dynamic and ever-evolving cryptocurrency market.
