Tags: on-chain analytics

(Parikshit Mishra/CoinDesk)

The two data points may show whether bitcoin moves higher or declines further in the aftermath of the U.S. central bank‘s 25 basis point rate increase Wednesday.

Traditionally, higher NVT ratios indicate that an asset is becoming more expensive, while lower NVT ratios indicate the opposite.

A number of other on-chain metrics also highlight Camelot’s speedy growth.

While the number of smaller whales has declined, the number of larger bitcoin whales has risen. What do the trends mean?

U.S. central bank Chair Jerome Powell indicates rates may need to move higher than was previously expected; risk assets decline accordingly

Cryptos’ declines last week appear to be a re-pricing of risk rather than an exit from the space.

A persistently robust employment market has played a major role in capping asset prices, though a floor seems intact as well.

Bitcoin and ether’s rapid price acceleration to start 2023 has leveled off as investors worry about potential crypto regulation, inflation and the economy.

Erratic moves immediately following the CPI data release steadied as the day progressed.

Negative funding rates reflect bearish sentiment. .

Bitcoin and ether decoupled from traditional assets as the crypto industry’s main narrative shifted from macroeconomic uncertainty to the SEC’s agreement with exchange giant Kraken and the possibility of new regulation.

The announcement that Kraken had agreed to “immediately" end its crypto staking-as-a-service platform for U.S. customers and to pay $30 million to settle SEC charges roiled markets.

BTC had been outperforming ETH, but the spread between the two largest cryptocurrencies has now evaporated; the ether supply continues to decline.

This much talked about technical indicator has value, yet doesn’t tell the whole story.

Declines in net transfer volume suggest investors are holding on to their BTC.

The Federal Reserve must weigh the U.S.’ debt obligations while trying to tame inflation without sending the economy into a deep recession. Its next steps could have an impact on crypto markets.

The two largest cryptocurrencies by market capitalizations‘ net position change on exchanges have gone in opposite directions.

Here’s what’s on my mind as Washington gears up to respond to the disasters of 2022.

Bitcoin rose above $23.7K in the immediate aftermath of the Federal Reserve’s moderate increase, but at least one trend points to a possible crypto price decline.

Some analysts say that while overall market sentiment cannot be called bullish just yet, the recent price and on-chain data suggest that bitcoin could be in the later stages of a bear market.

Crypto markets have been displaying cautious optimism ahead of the Federal Reserve’s interest rate decision on Wednesday.

Holders of large amounts of bitcoin may be looking to take early profits, which could send the price lower – although probably not enough to rock markets.