The Satsurday: Weekly Bitcoin Pulse

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.

February 10, 2024 – This week in cryptocurrency brought a mix of regulatory news, adoption milestones, and intriguing market insights. As Bitcoin continues to navigate through volatile waters, key metrics offer a deeper understanding of the market status.

CEX Deposits and Bitcoin’s Liquidity

Centralised exchange (CEX) deposits increased from 236k to 238k BTC. This spike may indicate investor readiness to trade, adding to selling pressure. Despite this, miners remain profitable, with a Puell Ratio of 1.31.

Regulatory Winds from the East

The South Korean Financial Regulator, the Financial Supervisory Service (FSS), is actively seeking insights from the U.S. Securities and Exchange Commission (SEC) on spot Bitcoin ETFs. The outcome of these discussions could pave the way for significant shifts in how Bitcoin ETFs are perceived and regulated internationally.

Fee Structures and Market Movements

With the advent of low-fee Bitcoin ETFs, concerns arise for major trading platforms like Coinbase. Lower fees may encourage Bitcoin investors to invest in cheaper ways, changing the competitive landscape.

Staking and Social Platforms

A new dimension has been added to the Bitcoin ecosystem with a social network launching a Bitcoin Layer 2 solution featuring staking. This move underscores the growing trend of integrating financial incentives with social media activities.

Gaming Meets Bitcoin

The ‘Bits’ Bitcoin Ordinals gaming project has been unveiled, marking a collaboration with the famed Deadfellaz creators. This intersection of gaming and cryptocurrency could signal a new era for both industries, offering novel ways to engage with digital assets.

Market Temperatures

The MVRV (Market Value to Realized Value) Ratio saw an increase from 1.89 to 1.98, suggesting a relative overvaluation of Bitcoin. Meanwhile, the aSOPR (Adjusted Spent Output Profit Ratio) rose to 1.03, indicating that more investors are selling at a loss, hinting at a potential market sentiment shift.

Miner Movements

A miner sold $50 million worth of Bitcoin, which could affect supply and demand.

Conclusion

As we delve deeper into 2024, the Bitcoin landscape continues to evolve with regulatory shifts, innovation in adoption, and revealing market metrics. ‘ The Satsurday ‘ remains committed to bringing you the latest and most pertinent news, ensuring our readers stay ahead in the dynamic world of cryptocurrency.

Stay connected with us for more updates and insights.

See you all in the next edition of The Satsurday

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