Bitcoin (BTC): What Evaluating Previous 365 Days Show About the Crypto’s Future

Santiment, a blockchain analytics site, revealed that Bitcoin’s MVRV (Market Value to Realized Value) hovered at -43. That saw the metric nearing its lowest level before a bounce back. Historically, Bitcoin’s lowest exhibited -53 in Dec. 2018.

Santiment indicated that 2021’s consistent market capitalization & price dip welcomed similar declines in active users that traded $BTC. Consequently, the metric for active Bitcoin traders plunged by 43% since September 2021.

More On-Chain Dips

While publishing this post, Bitcoin changed hands at $19,137.17. Meanwhile, that represented a 72% dip from the $68,789.63 all-time high ten months ago. Nevertheless, 2021 had Bitcoin’s hashrate growing steadily.

According to Messari data, this index wavered at 225 M H/s during this publication. That represented a more than 60% upsurge over the past 365 days. Furthermore, the data shows the network’s average difficulty stood at 32.05T all-time high.

Though these highs, BTC miner revenue on the blockchain slumped severely within the previous year. Messari showed the figure plummeted by 75%. The 1-year saw BTC recording a disparity in token holding behavior among the top shareholders within the BTC platform. According to Santiment data, wallets holding 1,000 – 10,000 BTC plunged by 2% over the past year.

The present figure for this whale cohort hovered 2,025 wallets. Meanwhile, steady BTC price dips since November last year ATH seems to contribute to this drop. Nevertheless, wallets with 10,000 – 100,000 $BTC and 100,000 – 1,000,000 BTC remained more resilient. Their counts surged 15% & 66%, respectively, over the previous 365 days.

Moreover, Santiment data showed dormancy within the Bitcoin platform since the November 10 all-time high. Assessing the token’s MDIA (Mean Dollar Invested Age) affirmed this. It had seen consistent surges over the previous year, confirming stagnancy on the blockchain. That led to gradual dips in Bitcoin’s price.

Meanwhile, the present bear market saw Bitcoin price plunging by more than 55% since January. Bitcoin holders have resorted to selling their holdings to rescue their investments amidst the tightened financial condition as the overall economy endures a downturn.

Consequently, the token’s SOPR (Spent Output Profit Ratio) spent over 50% of the year beneath the central (1) level (Glassnode data). That showed panic selling dominated the Bitcoin market this year.

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