Cryptocurrency research and data analytics company Glassnode has published the weekly report card of Bitcoin. While BTC has had a very active week in terms of price, it is seen that other data are constantly changing and the network is mostly getting better. So what exactly is on Glassnode’s Bitcoin scorecard?
Looking at Glassnode data, it is seen that Bitcoin’s Network Health has increased by 3 points last week. The main reason for this is expressed as the increase in BTC wallet addresses. It is seen that Bitcoin liquidity increased by 10 points and recorded a significant increase.
Recovery Continues In The Bitcoin Network
The network liquidity increased to 59 points, while transaction liquidity increased by 1 point, indicating that the amount of BTC transfers in the network increased significantly. The increase in value of the average Bitcoin transfer shows that transactions are now being made by institutional investors and the amount of BTC transferred has increased.
It is seen that the general market view and the emotions of the investors continue with a 2 point closing this week. This indicator, known as the “Sentiment”, shows that investors’ hopes for a rise and expectations that the market will improve are decreasing. The main reason for this can be stated as the investors who make HODL sell more than the average purchases they make.
A special indicator created by the company called Glassnode Compass points out that Bitcoin has had a very positive week. Looking at the graph below, it can be seen that the region expressed as Regime 1 indicates an increase, the regions expressed as Regime 2 and Regime 3 indicate the transition period, that is, uncertainty, and the region expressed as Regime 4 indicates a decrease.
Glassnode experts state that Bitcoin finished positive last week by surpassing $ 15,000 for the first time since the bull run in 2018. This is interpreted as the upward-oriented expectation will continue and the buying pressure of investors will increase.
Although the stock markets raged before the US elections, Bitcoin’s performance definitely surpassed them. According to Glassnode, the price correlation of BTC and stock exchanges turned from positive to negative and divergence started.
There’s Still Room for BTC Rise
In addition to this, experts, stating that there has been a significant change in the “Bitcoin Relative Unrealized Profit” indicator, emphasize that for now, investors still do not sell the BTC they buy at low prices to turn them into profit.
This shows that investors are waiting for the higher price and there is room for the rise. With this statement, Glassnode emphasized that the price of Bitcoin may continue to rise.