- BTC’s miners’ balance gained upward momentum.
- Market indicators turned bearish, which increased the chances of a price drop.
The current bear market has been the longest since the inception of Bitcoin [BTC]. While historically there have been several metrics that acted as accurate signals for how BTC might react, but things in this market have changed.
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As per the latest report, a key indicator has been acting differently.
Bitcoin’s key indicator is behaving strangely
The crypto market has always witnessed bull and bear cycles, which have lasted for a few months. However, this time the scenario was different, as we are still witnessing the longest bear cycle.
During the last few cycles, several key metrics have given accurate signals of what to expect from the coin. But this time, BTC’s one of the major metrics, called the NVT Signal, was acting strangely.
For starters, the NVT Signal uses a 90-day moving average of the daily transaction volume in the denominator instead of the raw daily transaction volume. As per IntoTheBlock’s recent tweet, transaction value and volume were once the go-to metrics.
The lens through which we view Bitcoin’s value is changing. Transaction value & volume were once the go-to metrics. However, recent spikes in NVT ratios hint that Bitcoin’s value is now moving independently of transactional utility, hinting at its growing role as a store of value pic.twitter.com/vliTSWJGaO
— IntoTheBlock (
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Author: Dipayan Mitra
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