Bitcoin
Holders have increased their income acquisition activity as the average cryptocurrency prices exploded a major bullish signal two weeks ago.
BTC’s 50-day Simple Moving Average (SMA) crossed above the 200-day SMA on May 22, confirming a Golden Cross-a technical indicator that signed long-term momentum, according to data from Tradingview. On the same day, the price of Bitcoin struck a record high of $ 111,000, according to CoinDesk data.
However, the holders are increasingly locked in the gains instead of holding for further reversal, according to the on-chain data monitored by glassnode.
“The entity has overcome the revenue spiked above $ 500m/hour three times in the past 24 hours, which signed intense income acquisition activity,” Glassnode told x on Tuesday.
The revenue realized that it represents the total USD income of all the coins transferred to the onchain, where the price in their last movement is lower than the latest transaction price.
The chart shows income acquisition activity has continued to increase since the second half of May, leading the $ 500 million marks several times. That is the most intense operation of income earnings since early February.
Other metrics, such as a suitable creature spent output profit ratio (SOPR), suggest the same. SOPR monitors the revenue level of all moved coins at a given period. The entity-adjusted version disposes of transactions between the addresses of the same creature, providing a reliable indicator of real economic activity.
“ATH’s recent breakout has led to a well-known revolt on locked revenues, with an average coin taking a +16% income. Fewer than 8% of trading days are more profitable for investors, suggesting a significant transition to activity that earns profit,” Glassnode said in his weekly report.
The report added that remittance is still not as intense as seen in the preceding basic price-topping patterns.
As of writing, BTC changed hands to $ 105,600 amid reports of President Donald Trump’s social platform platform Moving one step closer to offer funds exchanged by the Bitcoin exchange with daily investors.
