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.

Miner Status and Market Indicators
The latest data provides a snapshot of Bitcoin’s market dynamics and miner activity:
- CEX Deposits: Centralized Exchange (CEX) inflows have increased significantly to 224k BTC, signaling heightened sell pressure as more investors move their holdings to exchanges.
- MVRV Ratio: The Market Value to Realized Value (MVRV) ratio decreased from 2.36 to 2.24, suggesting a period of relative undervaluation for Bitcoin.
- Puell Ratio: Dropped from 1.26 to 1.12, indicating a decline in miner profitability, likely driven by reduced revenue relative to historical averages.
Key Insights
- aSOPR Down to 1.00: The adjusted Spent Output Profit Ratio (aSOPR) has reached the critical level of 1.00, highlighting that many investors are selling at a loss.
- Increased Exchange Inflows: The rise in BTC deposits on exchanges from 177k to 224k underscores mounting sell pressure, as holders possibly anticipate a price correction.
- Market Underpricing: The dip in MVRV Ratio further suggests a market phase where Bitcoin is trading below its realized value, presenting potential buying opportunities for long-term investors.
- Miner Struggles: The decline in the Puell Multiple emphasizes the financial challenges faced by miners due to lower profitability.
News, Regulations, and Adoption
The broader crypto ecosystem continues to evolve, with notable developments in Bitcoin’s regulatory and adoption landscape:
- German Policymakers: Initiatives are underway to draft a new Bitcoin adoption strategy, signaling progressive regulation in Europe’s largest economy.
- Babylon Labs: The launch of a Bitcoin zk-rollup bridge to Cosmos Chains marks a significant step toward interoperability and scalability in decentralized networks.
- Solv Protocol Partnership: Solv Protocol’s collaboration with Beets aims to boost Bitcoin’s liquidity, leveraging innovative financial tools.
- New Hampshire Bitcoin Reserve: The U.S. state has introduced legislation proposing the creation of a Bitcoin reserve, setting a precedent for state-level adoption.
Conclusion
The Bitcoin market currently reflects a mix of bearish sentiment and strategic opportunities. The convergence of increased sell pressure, undervaluation signals, and declining miner profitability indicates a challenging yet intriguing market phase. Meanwhile, advancements in regulation and technological integration underscore the ecosystem’s resilience and potential for growth. Investors and stakeholders should stay vigilant as market conditions continue to evolve.
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