On-Chain Reports for Bitcoin and Ethereum
Last week, the price fluctuations of Bitcoin (BTC) remained stable. However, it has now surpassed the $40,000 level, indicating signs of a potential recovery. Ethereum (ETH) also experienced significant losses throughout the week but has managed to stabilize its situation. According to Saturday's data, the price of Bitcoin is approximately $42,200, with a daily increase of 1%.
The trading volume of crypto derivatives has significantly decreased, dropping by 55% to $21.5 billion. However, the total market value of Bitcoin still stands at $828.78 billion, with Bitcoin's open interest (OI) reported at $17.98 billion. Liquidations in the past 24 hours exceeded $13.37 million, indicating selling pressure.
In contrast, the price of Ethereum is close to $2,280 and has moderately achieved its daily increase. The trading volume has almost halved to $84.4 billion, with a total market value of $275.03 billion. Ethereum's OI is $7.79 billion, with a total liquidation of $4.35 million.
IntoTheBlock's data provides detailed information for these two cryptocurrencies. The total transaction fees for Bitcoin have decreased by 39.08%, reaching $259.3 billion, indicating a reduction in high-value transactions. The daily active addresses have increased by 7.76% to 979,300, reflecting an increase in user activity.
The balance of account holders has slightly increased to $58.126 billion. Notably, the net outflow from exchanges has significantly decreased by 129.87% to a negative value of -$71.71 million. The whale participation rate is determined to be 2.31%. Currently, 82.45% of Bitcoin holders are "profitable," indicating a positive investment return.
For Ethereum, the significant trading volume has also decreased by 49.58% to $21.4 billion. The daily active addresses have increased by 9.94% to 595,640. The balance of Ethereum account holders has risen to $218.04 billion. The net outflow from exchanges has significantly decreased by 405.1% to a negative value of -$96.24 million. Ethereum's whale participation rate is very high at 36.89%, and 71.70% of holders are "profitable," indicating a positive investment return.
The decrease in total transaction fees for Bitcoin and Ethereum indicates a relative weakening of investor trading interest. The negative net outflow from exchanges for both indicates that users are withdrawing their assets from exchanges. IntoTheBlock also points out that the transaction fees for both Bitcoin and Ethereum have decreased by over 30%, attributed to reduced market volatility and decreased urgency of transactions between users.
What Are Analysts Betting On?
Cryptocurrency analyst Michaël van de Poppe stated in an article, "I personally think that Ethereum will outperform Bitcoin in the coming period and has already started the approval of ETFs." Van de Poppe emphasized the "huge weekly differences in gains" and noted the key resistance at 0.06 BTC. Van de Poppe also predicted more consolidation before a potential market rise.
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