Bitcoin, The world’s leading cryptocurrency has seen a significant recovery in market value, rising to $59.3 million after a volatile period. This surge comes with an interesting metric. 84.4% of the network’s available supply is profitable, the lowest level in two months.
Traditionally, such a decline in this ratio tends to indicate more favorable conditions for bullish activity.
🤑 #bitcoinThe market value of has recovered to $59,300, and the network’s available supply as a percentage of profit is 84.4%.this $BTC The ratio is the lowest in two months.Lower levels are usually justified #strong conditions. https://t.co/C6q0WUkDc8 pic.twitter.com/BpNKXZUjLM
— Santiment (@santimentfeed) May 2, 2024
Renowned analyst Ali Martinez analyzed the technical aspects and revealed some interesting developments. TD Sequential, a widely followed indicator, has issued a buy signal on Bitcoin’s daily chart. This signal suggests a possible rebound in the range of 1 to 4 daily candlesticks, lending weight to the notion of a bullish comeback in BTC.
TD sequential is #bitcoin daily chart. Expect a rebound of 1 to 4 candlesticks per day. $BTC. pic.twitter.com/QK2B6GOQOI
— Ali (@ali_charts) May 2, 2024
Bitcoin BTC ETF Data to Monitor
Spotonchain’s data delves deeper into market dynamics and provides a nuanced depiction of investor sentiment. It is worth noting that net inflows on May 2, 2024 were negative at -$34 million, but this has continued for seven consecutive business days. Interestingly, four Bitcoin ETFs witnessed inflows on the day, led by the ARK 21 Shares Bitcoin ETF ($ARKB), which recorded notable inflows of $13.3 million.
🚨 $BTC #ETF Net inflows on May 2, 2024: -$34 million!
• Net inflows have been negative for seven consecutive business days.
• Four Bitcoin ETFs once again record daily inflows; #arc 21 stocks Bitcoin ETF $ARKB The largest inflow is $13.3 million.
• #blackrock iShares Bitcoin… pic.twitter.com/2m6SaffG3V
— Spotonchain (@spotonchain) May 3, 2024
Conversely, BlackRock iShares Bitcoin Trust ($IBIT) saw stagnant or negative inflows over the same seven-day period. In particular, Grayscale Bitcoin Trust (GBTC) saw a significant drop in daily outflows, dropping from $167 million to $54.9 million.
In summary, Bitcoin’s recent market trends have been rocky, but various signals point to an underlying bullish trend. From technical indicators to ETF inflows, this situation suggests investors are closely monitoring Bitcoin’s trajectory and preparing for potential opportunities in the ever-evolving crypto market.
Disclosure: This is not trading or investment advice. Always do your research before purchasing any cryptocurrency or investing in any service.
Follow me on Twitter @themerklehash Stay up to date with the latest crypto, NFT, AI, cybersecurity, and metaverse news.
Image source: strelok/123RF // By image effect color cinch
