Bitcoin’s realised market cap hits $872 billion amid low investor enthusiasm. Monthly growth stands at 0.9%, indicating risk-off sentiment and reduced capital inflows. A 40% decline in realised profit/loss suggests market saturation, as short-term holders face selling pressure. Divergence in US and Korean trading sentiment evident, with Bitcoin fluctuating between $85,440 and $82,750.
Bitcoin’s realised market cap has reached a new peak of $872 billion; however, data from Glassnode indicates a lack of enthusiasm among investors regarding current price levels. The monthly growth rate of this metric has plummeted to 0.9% month on month, signifying a risk-off attitude prevailing in the market.
The realised cap gauges the total value of Bitcoin based on the last price movement, reflecting actual capital investment and revealing economic activity trends. A decreased growth rate implies positive but waning capital inflows, suggesting either fewer new investors entering the space or diminished activity from current holders.
Moreover, Glassnode reports a significant 40% decline in realised profit and loss, which highlights substantial profit-taking or loss realisation by investors. This trend hints at market saturation and often precedes a consolidation phase as the market seeks a new balance.
While potential new investors remain on the sidelines, existing investors are likely being cautious. Data from CryptoQuant suggests that the current short-term holder realised price is $91,600. Since BTC is currently trading below this threshold, it puts short-term holders at a disadvantage, potentially increasing selling pressure as they might sell to mitigate losses.
Additionally, Bitcoin’s short-term holder market value to realised value ratio is beneath 1, a historically significant level indicating buying opportunities and further evidence that short-term holders are facing losses.
In terms of trading sentiment, a divergence is indicated between Bitcoin traders in the US and Korea. The Coinbase premium, which reflects US trading, has surged, suggesting robust demand and potential price rises. In contrast, the Kimchi premium index has decreased, indicating diminished retail engagement among Korean traders.
This discrepancy is mirrored in Bitcoin’s recent trading patterns, with prices fluctuating between $85,440 and $82,750 since April 11. On the 4-hour chart, BTC maintains support from the 50-day, 100-day, and 200-day moving averages, although these indicators pose resistance on the daily chart’s bullish structure.
