Bitcoin’s fast-rising price is attracting traders and speculators back into the market, on-chain data suggests.
In a Tuesday newsletter, blockchain intelligence firm Glassnode highlighted how risk appetite is increasing across various cohorts of the Bitcoin market, including institutional buyers and short-term holders alike.
Bitcoin Holders Back In Profit
Since the start of the year, Bitcoin has enjoyed massive capital flows, with the asset’s realized cap rising by $30 billion to $460 billion – just 3% away from its all-time high. The asset’s market price has risen 29% to $57,000 within the same period.
“Realized cap” is a measure of the value of all Bitcoin put together, priced based on the time that those coins were last sold.
When measured against Bitcoin’s market cap using the MVRV ratio, one can estimate the profitability of the average Bitcoin investor. The ratio currently sits at 2.14 – a relatively high value, but not high enough to suggest Bitcoin is approachin
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