{"id":609431,"date":"2024-05-23T16:00:11","date_gmt":"2024-05-23T16:00:11","guid":{"rendered":"https:\/\/uniquehot.com\/?p=609431"},"modified":"2024-06-11T07:01:51","modified_gmt":"2024-06-11T07:01:51","slug":"bitcoin-lack-of-interest-70000","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-lack-of-interest-70000\/","title":{"rendered":"Bitcoin Price Drop Below $70,000 Apparently Driven By Lack Of Interest, Glassnode Data Shows"},"content":{"rendered":"

On-chain analytics platform Glassnode<\/span><\/a> has provided insights into why the Bitcoin price <\/span>recently dropped below $70,000<\/span><\/a>. The platform suggested that the flagship isn\u2019t yet seeing enough demand, which could send its price to new highs.\u00a0<\/span><\/p>\n

Demand For Bitcoin Is Still Modest<\/h2>\n

In one of its latest market <\/span>reports<\/span><\/a>, Glassnode mentioned that \u201cthe rate at which new capital is flowing into the Bitcoin network has slowed down considerably from its peak.\u201d They made this assertion based on the Realized Cap metric, which measures the value of each Bitcoin based on the last time it was traded. <\/span>Glassnode<\/span><\/a> claimed that Bitcoin\u2019s Realized Cap is currently at $574 billion.\u00a0<\/span><\/p>\n

Related Reading: XRP Price Nears Major Converging Point: Analyst Predicts 3,600% Jump To $20<\/a><\/div>\n
\"Bitcoin
Source: Glassnode<\/figcaption><\/figure>\n

The platform further revealed that the injection of liquidity into Bitcoin has cooled off since the flagship crypto hit an <\/span>all-time high (ATH)<\/span><\/a> of $73,750. This is in stark contrast to the period before Bitcoin hit that ATH, with Glassnode noting that the flows into Bitcoin back then were \u201cextremely sharp, culminating at a value of $3.38 billion daily.\u201d<\/span><\/p>\n

Meanwhile, Glassnode stated that the <\/span>Realized Cap<\/span><\/a> \u201cremains in positive profit-dominated territory and is returning towards an equilibrium position.\u201d However, they noted that Bitcoin\u2019s modest demand was still able to spark this recent rally thanks to the \u201cdeclining sell-side headwinds from mature investors.\u201d<\/span><\/p>\n

Basically, Glassnode suggested that things were looking up for Bitcoin but that it could be way better if there were more capital inflows. There could indeed be an increase in capital inflows soon enough, considering that the Spot Bitcoin ETFs have broken their <\/span>streak of net outflows<\/span><\/a> and are once again recording <\/span>impressive net inflows<\/span><\/a> into their funds.\u00a0<\/span><\/p>\n

Data<\/span><\/a> from Farside Investors shows that these funds have already seen almost $700 million in net inflows this week. Specifically, these Bitcoin ETFs recorded a net inflow of $305.7 million on May 21 alone. That day was also <\/span>BlackRock\u2019s iShares Bitcoin Trust (IBIT)<\/span><\/a> most profitable day yet, with the fund taking in $290 million.\u00a0<\/span><\/p>\n

Some Positive Key Takeaways<\/h2>\n

Glassnode also assessed some other <\/span>vital on-chain metrics<\/span><\/a>, which provided some positives for Bitcoin\u2019s future trajectory. The platform noted that there has been a \u201clarge decline\u201d in Bitcoin\u2019s Sell-Side Risk Ratio, which \u201csuggests the market has found a <\/span>degree of equilibrium<\/span><\/a> over the course of this correction.\u201d<\/span><\/p>\n

\"Bitcoin
Source: Glassnode<\/figcaption><\/figure>\n

To assess market volatility, they also measured the percent range between the highest and lowest price ticks over the last 60 days. They concluded that \u201cvolatility continues to compress to levels typically seen after <\/span>lengthy consolidations<\/span><\/a> and prior to large market moves.\u201d<\/span><\/p>\n

Related Reading: Bitcoin Whales Spend $6.3 Billion In One Day As Historic BTC Buy Signal Appears<\/a><\/div>\n

Meanwhile, Glasnode revealed that 2.14M BTC out of the <\/span>Short-term holder (STH)<\/span><\/a> supply, currently at 3.36M BTC, fell into an unrealized loss following the recent market correction. They claim that this suggests that many of the BTC held by this category of investors are held at an unrealized loss, which reduces the risk of top-heaviness developing.<\/span><\/p>\n

\"Bitcoin
BTC price resumes rally | Source: BTCUSD on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

On-chain analytics platform Glassnode has provided insights into why the Bitcoin price recently dropped below $70,000. The platform suggested that the flagship isn\u2019t yet seeing enough demand, which could send its price to new highs.\u00a0 Demand For Bitcoin Is Still Modest In one of its latest market reports, Glassnode mentioned that \u201cthe rate at which new capital is flowing into the Bitcoin network has slowed down considerably from its peak.\u201d They made this assertion based on the Realized Cap metric, which measures the value of each Bitcoin based on the last time it was traded. Glassnode claimed that Bitcoin\u2019s Realized Cap is currently at $574 billion.\u00a0 Related Reading: XRP Price Nears Major Converging Point: Analyst Predicts 3,600% Jump To $20 The platform further revealed that the injection of liquidity into Bitcoin has cooled off since the flagship crypto hit an all-time high (ATH) of $73,750. This is in stark contrast to the period before Bitcoin hit that ATH, with Glassnode noting that the flows into Bitcoin back then were \u201cextremely sharp, culminating at a value of $3.38 billion daily.\u201d Meanwhile, Glassnode stated that the Realized Cap \u201cremains in positive profit-dominated territory and is returning towards an equilibrium position.\u201d However, they noted that Bitcoin\u2019s modest demand was still able to spark this recent rally thanks to the \u201cdeclining sell-side headwinds from mature investors.\u201d Basically, Glassnode suggested that things were looking up for Bitcoin but that it could be way better if there were more capital inflows. There could indeed be an increase in capital inflows soon enough, considering that the Spot Bitcoin ETFs have broken their streak of net outflows and are once again recording impressive net inflows into their funds.\u00a0 Data from Farside Investors shows that these funds have already seen almost $700 million in net inflows this week. Specifically, these Bitcoin ETFs recorded a net inflow of $305.7 million on May 21 alone. That day was also BlackRock\u2019s iShares Bitcoin Trust (IBIT) most profitable day yet, with the fund taking in $290 million.\u00a0 Some Positive Key Takeaways Glassnode also assessed some other vital on-chain metrics, which provided some positives for Bitcoin\u2019s future trajectory. The platform noted that there has been a \u201clarge decline\u201d in Bitcoin\u2019s Sell-Side Risk Ratio, which \u201csuggests the market has found a degree of equilibrium over the course of this correction.\u201d To assess market volatility, they also measured the percent range between the highest and lowest price ticks over the last 60 days. They concluded that \u201cvolatility continues to compress to levels typically seen after lengthy consolidations and prior to large market moves.\u201d Related Reading: Bitcoin Whales Spend $6.3 Billion In One Day As Historic BTC Buy Signal Appears Meanwhile, Glasnode revealed that 2.14M BTC out of the Short-term holder (STH) supply, currently at 3.36M BTC, fell into an unrealized loss following the recent market correction. They claim that this suggests that many of the BTC held by this category of investors are held at an unrealized loss, which reduces the risk of top-heaviness developing. Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":609449,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,656,679,1119,89185,1122,1144,78790],"class_list":["post-609431","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\nBitcoin Price Drop Below $70,000 Apparently Driven By Lack Of Interest, Glassnode Data Shows<\/title>\n<meta name=\"description\" content=\"On-chain analytics platform Glassnode has provided insights into why the Bitcoin price recently dropped below $70,000.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/uniquehot.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Price Drop Below $70,000 Apparently Driven By Lack Of Interest, Glassnode Data Shows","url":"http:\/\/uniquehot.com\/news\/bitcoin-lack-of-interest-70000\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-lack-of-interest-70000\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/05\/Bitcoin-price-4.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/05\/Bitcoin-price-4.jpeg?fit=1792%2C1024"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin news","bitcoin price","btc","btc news","btc price","btcusd","btcusdt"],"dateCreated":"2024-05-23T16:00:11Z","datePublished":"2024-05-23T16:00:11Z","dateModified":"2024-06-11T07:01:51Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Price Drop Below $70,000 Apparently Driven By Lack Of Interest, Glassnode Data Shows\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-lack-of-interest-70000\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-lack-of-interest-70000\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/Bitcoin-price-4.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/Bitcoin-price-4.jpeg?fit=1792%2C1024\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin news\",\"bitcoin price\",\"btc\",\"btc news\",\"btc price\",\"btcusd\",\"btcusdt\"],\"dateCreated\":\"2024-05-23T16:00:11Z\",\"datePublished\":\"2024-05-23T16:00:11Z\",\"dateModified\":\"2024-06-11T07:01:51Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/05\/Bitcoin-price-4.jpeg?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/609431"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=609431"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/609431\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/609449"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=609431"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=609431"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=609431"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}