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No prizes for guessing: the price of Bitcoin can be pumped by bullish news out there — yes, the likes of Elon Musk and, as expected, the hype surrounding Apple’s bid to hire crypto experts. However, the pump finished off weak as trepidity set in. Despite the dip in volatility, on-chain metrics are warming up towards a possible recovery. Entity-adjusted SOPR is emerging above the nominal line at 1, suggesting that coin owners are back in profit.
According to blockchain analytics firm Chainalysis, the largest plummet this year saw a considerable loss on-chain comparable to the 2017 bubble burst and the March liquidity crunch last year. However, it has also created a window of opportunity for investor whales, including hedge funds and asset managers, to acquire 77,000 bitcoins — currently worth above $3 billion. Go fish!