Welcome to the latest edition of The Satsurday Weekly, your source for Bitcoin market movements, technology advances, and sentiment. Let’s dive into the significant events and numbers that have characterized the past week.
Market Insights
1. aSOPR (Adjusted Spent Output Profit Ratio):
- Increased to 1.10, signaling that more investors are selling at a loss.
2. Exchange Inflows:
- Exchange deposits surged from 400k to 477k BTC, adding to sell pressure.
3. MVRV Ratio:
- Climbed from 2.27 to 2.52, indicating relative overvaluation of Bitcoin.
4. Puell Ratio:
- Edged up from 0.92 to 0.94, reflecting higher miner profitability.
5. Bitcoin Sharpe Ratio:
- Continues to rise, signaling improved risk-adjusted returns for Bitcoin holders.
News Highlights
- Michael Saylor predicts Bitcoin reaching $100,000 by year-end, citing political momentum and increasing adoption.
- Binance leads Bitcoin futures activity, achieving a record-breaking $129 billion in volume.
- Pennsylvania lawmakers propose a Strategic Bitcoin Reserve, reflecting growing institutional interest.
- Prosper partners with Bitmain for long-term Bitcoin mining infrastructure.
- ASICKey launches new Bitcoin mining hardware, pushing technological advancements in the mining sector.
Miner Status
- CEX Deposits: Increased to 477k BTC, reflecting potential sell-off behavior.
- MVRV Ratio: At 2.52, indicating market optimism but caution against overvaluation.
- Puell Ratio: Stable at 0.94, suggesting sustained miner profitability.
Conclusion
This week’s data paints a mixed picture: while indicators like MVRV and Puell Ratio point to miner confidence and overvaluation, rising exchange inflows and aSOPR suggest caution amid growing sell pressure. Keep an eye on these metrics as the year-end approaches.
Found value in the insights shared here? Check out our YouTube and Twitter, loaded with content meant to educate and entertain.
Follow our Telegram for a sneak peek at alpha; for an even deeper dive, join our Patreon community, where we share exclusive alpha for you to be the ‘early bird.’
Follow us today, and let’s explore Web3 together!
