Welcome to The Satsurday, your go-to source for the latest in Bitcoin and cryptocurrency news , regulations, and adoption. This week, we delve into key metrics influencing Bitcoin’s market, along with notable regulatory updates and adoption news.
Miner Status
- CEX Deposits: ₿279k
- MVRV Ratio: 2.11
- Puell Ratio: 0.85
News | Regulations | Adoption
- US Senator Bill Hagerty Plans to Introduce Pro-Bitcoin Bill: A significant legislative move could pave the way for more favorable Bitcoin regulations in the US.
- BitcoinOS Unlocks New Scalability: Introducing the first zero-knowledge proof on the Bitcoin Mainnet, BitcoinOS aims to enhance scalability.
- Jersey City’s Pension Fund to Invest in Bitcoin ETFs: This investment marks a notable step in mainstream financial adoption of Bitcoin.
- Yona Network Integrates Solana and Ethereum Features: Expanding into the Bitcoin ecosystem, Yona Network enhances interoperability.
- Japan’s First Bitcoin ETFs Coming Soon: Through Franklin Templeton and SBI, Japan is set to launch its inaugural Bitcoin ETFs.
Insights
- aSOPR: The adjusted Spent Output Profit Ratio (aSOPR) is down to 1.01, indicating more investors are selling at a profit.
- Exchange Inflow: Increased from 250k to 279k, suggesting higher exchange deposits and added sell pressure.
- MVRV Ratio: Increased from 2.07 to 2.11, showing relative overvaluation of Bitcoin.
- Puell Multiple: Increased from 0.67 to 0.85, indicating lower profitability for miners.
These metrics and updates reflect the current sentiment and movements within the Bitcoin market. The rise in MVRV and Puell ratios suggests caution, as they indicate potential overvaluation and decreased miner profitability, respectively.
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