- About 311,000 wallets exited the network in the last 10 days.
- The 30-day MVRV ratio indicated that the coin could produce more gains.
Though Bitcoin’s [BTC] price almost hit $68,000 again, on-chain data showed that the earlier correction led to significant exits. According to AMBCrypto’s analysis, 311,00 non-zero addresses left the Bitcoin network in the last 10 days.
Our investigation showed that the exodus was a result of Fear, Uncertainty, and Doubt (FUD) as prices collapsed. However, those who are familiar with the market terrain can confirm that this departure should trigger panic.
The coin’s showtime isn’t over
Instead, it gave whales, the opportunity to buy cheap BTC at the expense of those “paper hands.” Beyond that, Santiment data showed Bitcoin typically gains from a scenario like this.
For instance, between September and October 2023, 1.10 million non-zero addresses left the network. But the resulting outcome was a 28% price increase.
Likewise, between 21st January and 13th February, some addresses departed. But the price of BTC rose by 24% later on. At press time, Bitcoin was at a 3% negative 10-day performance.
If history repeats itself, Bitcoin could head toward $83,000 in a few weeks. However, it is also important to look at BTC from another angle.
As such, AMBCrypto checked its Market Value to Realized Value (MVRV) ratio. Typically, the MVRV ratio reflects the average profit or loss of all cryptocurrencies currently in circulation. It also indicates whether an asset is at fair value or not.
Will optimism return?
As of this writing, the 30-day MVRV ratio was 2.487%, indicating that BTC holde
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Author: Victor Olanrewaju
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