The percentage of Bitcoin Unspent Transaction Outputs (UTXOs) in profit has plummeted to 68.5%, the lowest level observed this year.
Historically, such a drop has preceded significant price surges; for example, a similar decline in 2023 was followed by a remarkable 273% increase in Bitcoin’s price.
#Bitcoin UTXOs in Profit Drop to Lowest Level This Year
“The last time the percentage of Bitcoin UTXOs in profit dropped to 68.5%, Bitcoin's price saw a significant surge of 273%.” – By @EgyHashX
Read more 👇https://t.co/QzwbCw2EoW pic.twitter.com/JYEuNe2Ir5
— CryptoQuant.com (@cryptoquant_com) September 6, 2024
Currently, the Fear and Greed Index has sunk to an Extreme Fear level of 22%. This index hit a low of 17% when Bitcoin was priced at $49K and fell further to 10% during the mining restrictions in China. The lowest recorded drop was 6% amid the Luna crash.
The Fear and Greed Index dropped to the Extreme Fear level of 22%. At the $49K level, the index fell to 17%.
During the mining ban in China, the index dropped to 10%. The maximum drop to 6% occurred during the Luna crash.
✊ HODL pic.twitter.com/ntx1H8r2Db
— Axel 💎🙌 Adler Jr (@AxelAdlerJr) September 6, 2024
Bitcoin’s price decline is attributed to a lack of demand growth, with all key valuation metrics indicating bearish conditions. Key price levels to monitor include $55.5K, which is the lower band of the trader’s on-chain realized price.
#Bitcoin price is down simply because there is no demand growth. Small 🧵
Indeed, demand is declining right now.
Basically all valuation metrics are in bearish territory. pic.twitter.com/kmwb3pvpUc
— Julio Moreno (@jjcmoreno) September 5, 2024
Recently, a significant whale transferred 1,000 BTC, worth approximately $55.36 million, to Binance, realizing a loss in just 25 minutes. This whale had previously withdrawn 2,322 BTC from Binance between August 29 and September 3 at an estimated cost of $136 million, now showing an estimated loss of $6.94 million (about -5.1%).
This giant whale already transferred 1,000 $BTC ($55.36M) to #Binance at loss ~25 minutes ago.
Note that the whale just withdrew 2,322 $BTC from Binance at ~$58,597 (est. cost: $136M) between Aug 29 and Sep 3.
At the current #Bitcoin price, this position has an estimated loss… https://t.co/AHbS64gVqg pic.twitter.com/8e2WHkVvis
— Spot On Chain (@spotonchain) September 6, 2024
Bitcoin Transaction Surges 100% In The Past Month
The number of Bitcoin transactions between $10 and $100 has surged by 100% in the past month, now representing 50% of all Bitcoin transactions.
The number of Bitcoin transactions ranging between $10 and $100 has increased by 100% over the past 30 days.
Currently it accounts for 50% of the total number of transactions on the Bitcoin blockchain.@intotheblock pic.twitter.com/ffLGtxWN2C
— Pedro Negron (@PedroMNegron) September 5, 2024
Investors who bought Bitcoin between $47K and $64K are under pressure, with only 27.6% currently in profit. This group mostly consists of short-term holders who may increase selling pressure if the market continues to decline.
Bitcoin holders that bought between $47k-$64k are feeling the squeeze, with only 27.6% of them currently in profit.
Many of these investors are short-term holders, which could increase selling pressure if the market experiences further declines. pic.twitter.com/xbzva0wo9j
— IntoTheBlock (@intotheblock) September 6, 2024
Moreover, Bitcoin spot ETFs experienced a total net outflow of $211 million on September 5, marking seven consecutive days of outflows. Grayscale’s GBTC saw $23.22 million exit, Fidelity’s FBTC experienced a $149 million outflow, and Bitwise’s BITB had $30 million withdrawn. The current net asset value of Bitcoin spot ETFs stands at $50.73 billion.
Bitcoin spot ETF had a total net outflow of $211 million on September 5, and continued net outflow for 7 consecutive days. Grayscale ETF GBTC had an outflow of $23.2175 million. Fidelity FBTC had an outflow of up to $149 million. Bitwise BITB had an outflow of $30 million. The…
— Wu Blockchain (@WuBlockchain) September 6, 2024
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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