Important collection restaurants
- Bitcoin hit $ 118.8k on July 11, but data on the chain showed low retail activity, moderate MVRV ratio, reduced profit in the short term and the falling miner’s position index. All these signals that the rally is not over yet.
Bitcoin [BTC] acted at $ 117,783, after clocking a new all -time $ 118,856 earlier that day, While Bullish sentiment began to drive up the market.
Google Trends showed that the Bitcoin topic was still not popular in the United States and was far away from the peaks of 2020, or even November 2024.
No shops in sight
The trend of a lack of shops euphoria was visible in the spot shop activity.
Using the trade frequency and position size to understand whether the participation of the retail trade is increasing, this statistics is a useful tool to understand whether smaller market participants were coming in.
According to Cryptoquant, this metric has not seen any stores since March 2024. That also reflects earlier cycles: in February 2021 the retail trade jumped in and BTC quickly met rejection near $ 60k.
Further evidence that the Bitcoin market is not overheated
In a post Cryptoquant insightsanalyst Avocado_onchain Showed how the market sentiment and the dynamics were striking from the previous market peaks.
The MVRV ratio exceeded 2.7 in March and December 2024. On 11 July, however, the lecture floated around 2.2 – a signal of healthier market conditions.
Another important cue came from the Utxo -age tires, which analyzes how long each bitcoin is not spoken.
Data showed that 15% of the BTC offer belonged to short-term holders (STH) ballets that hold coins for less than a month. For context, this figure was almost 30% with earlier cycles peaks.
Moreover, the STH SOPR showed that holders were not on a big win. This was another indication of minimum sales pressure of profitable activity of STH Bitcoin portfolios.
Miners keep stacking – another reason why bulls are not ready
Finally, the miner’s position -index has also been trending down since November 2024. This showed a reduced sales pressure of miners.
Mining companies tend to collect Bitcoin instead of selling it, which shows that they expected prices to continue to grow.
In general, the signs of market depletion and widespread winnings were not here. There was hope that Bitcoin’s price would be higher in the coming months, and the Bullrun was not over yet.