Bitcoin: FUD to the rescue? Data for BTC suggests…

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 as prices collapsed. However, those who are familiar with the market terrain can confirm that this departure should trigger panic.Instead, it gave whales, the opportunity to buy cheap BTC at the expense of those “paper hands.” Beyond that, Santiment dataFor instance, between September and October 2023, 1.10 million non-zero addresses left the network. But the resulting outcome was a 28% price increase.

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 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.As of this writing, the 30-day MVRV ratio was 2.487%, indicating that BTC holders were hit hard by the recent correction. But the condition of the metric seems like good news for the price.

The STH-NUPL serves as an indicator of the behavior of short-term investors. When March began, the metric moved from hope to optimism .to the brighter color did not last long. As of this writing, the STH-NUPL was back in the hope-fear territory, indicating that investors were skeptical about betting on a price increase.Victor is a full-time journalist at AMBCrypto.

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