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.

Bitcoin Miner Status & On-Chain Metrics

Bitcoin miners remain a key indicator of the network’s health and profitability. This week, key metrics include:

  • CEX Deposits: 216K BTC, reflecting a decline from the previous 233K BTC. This suggests lower exchange deposits, which could contribute to buying pressure.
  • MVRV Ratio: Increased slightly to 2.45, indicating that Bitcoin is relatively overvalued based on historical price trends.
  • Puell Ratio: Rose to 1.19, signaling higher profitability for miners as block rewards become more valuable.

Market Insights

  • aSOPR Decline: The Adjusted Spent Output Profit Ratio (aSOPR) has dropped to 1.04, meaning more investors are selling at a loss, possibly signaling a market reset or capitulation phase.
  • Exchange Inflow Drop: A decrease in exchange inflows to 216K BTC suggests fewer sell-side pressures, leading to potential price stability or upward movement.
  • MVRV Ratio Growth: The increase from 2.40 to 2.45 indicates that BTC holders are increasingly in profit, potentially leading to sell pressure from profit-takers.
  • Puell Multiple Increase: A jump from 1.01 to 1.19 indicates a rise in miner profitability, which could impact miner behavior and network security.

News, Regulations & Adoption

  1. Poland Surpasses El Salvador in Bitcoin ATM Deployment
    • Poland has now overtaken El Salvador in the number of Bitcoin ATMs, signifying strong local adoption and increasing interest in decentralized finance.
  2. Elastos Raises $20M for Native Bitcoin DeFi Protocol
    • Elastos, a blockchain project focused on decentralized computing, secured funding to develop a Bitcoin-based DeFi protocol, further expanding Bitcoin’s role in decentralized finance.
  3. Tether’s $140B USDT to Lightning Network
    • Tether announced plans to bring its massive USDT stablecoin to the Bitcoin Lightning Network, enhancing Bitcoin’s transactional efficiency and stablecoin usability.
  4. Arizona Senate Moves Forward With Bitcoin Reserve Legislation
    • The Arizona Senate is advancing a bill that would allow the state to hold Bitcoin as a reserve asset, showcasing a growing institutional interest in BTC.
  5. Czech National Bank to Assess Bitcoin for Reserve Strategy
    • The Czech National Bank is exploring the inclusion of Bitcoin in its reserve strategy, signaling potential mainstream adoption by financial institutions.

Conclusion

This week’s market trends highlight key shifts in miner profitability, exchange inflows, and investor sentiment. With increasing regulatory and institutional adoption, Bitcoin continues to cement its role in the global financial ecosystem. As we move forward, monitoring miner behavior, exchange activity, and macroeconomic trends will be crucial in anticipating market movements.

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