Bitcoin (BTC) is now sitting at a critical junction, with its next move potentially being foreshadowed by an on-chain metric, according to analytics firm Glassnode.
Glassnode says that it is watching BTC’s short-term holder market value to realized value (MVRV) indicator.
The metric is designed to measure the unrealized profit or loss of Bitcoin holders that have bought their BTC stacks within the last 155 days. According to Glassnode, Bitcoin is at a critical “decision point” as the metric hovers at a level that indicates short-term BTC holders are breaking even.
“The market remains at a decision point as the Bitcoin spot price continues to indecisively oscillate around the short-term holder cost basis.
A retest and strong bounce off of the cost-basis would suggest significant strength in the prevailing trend, whilst a decisive break below would infer weakness in the current market.”
Looking deeper into the Bitcoin network, Glassnode says that the amount of BTC transaction fees related to on-chain exchange activity is experiencing a bump amid the charges brought against Binance and Coinbase by the U.S. Securities and Exchange Commission (SEC).
The surge in BTC’s total exchange transaction fees suggests that holders are moving Bitcoin in and out of exchanges at a higher-than-usual rate.
“Total Exchange Transaction Fees are experiencing a third wave of heightened fee pressure following the SEC charges against Binance and Coinbase, rising to a total of 15.6 BTC.
- FTX Implosion: 12.3 BTC
- Inscription Mania: 41 BTC
- Binance and SEC Regulations: 15.6 BTC”
At time of writing, Bitcoin is trading at $25,937, down 4.4% in the last seven days.
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