More than $16 billion in cryptocurrency has been invested in Bitcoin since the year began. Despite being a sizable amount, the 4.1% increase in capital influx was far smaller than that observed during the 2021–22 period. Due to the decreased capital inflow into Bitcoin over the past year, buyers of BTC have become more cautious.
According to on-chain data compiled by blockchain analytics company Glassnode, BTC‘s on-chain indicators showed high readings despite historically low volatility in the cryptocurrency market. Short-term Bitcoin holdings fell to a multi-year low of 2.56 million BTC, while other important on-chain indicators including BTC value volatility also hit record lows.
The sell-side danger ratio for short-term BTC holders was another indicator that hit record lows. However, the supply of Bitcoin owned by long-term investors grew further, reaching a record high of 14.6 million BTC. The on-chain information showed that Bitcoin buyers had strong opinions about the leading cryptocurrency, which contributed to a decline in BTC liquidations.
BTC was trading at $29,532 at the time of writing, up 0.7% from the previous day. Over $575 billion was the market capitalization when it first appeared.
Strangely, Bitcoin’s trading volume increased by a staggering 97% in the last day, reaching more than $12 billion. In terms of technical indicators for Bitcoin, the On Stability Quantity (OBV) is currently circling around 1.7 million. A positive OBV often predicts positive value movement over the short term. Meanwhile, the Relative Energy Index (RSI) for BTC was confirmed at 52.1, which is significantly over the midline.
According to data from Coinglass, more than $17.2 million worth of BTC was liquidated during the course of the previous day, the majority of which were long bets. On centralised exchanges, interest in Bitcoin everlasting contracts has increased generally by 0.5%.
