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’s environment fluctuated this week as the digital currency landscape evolves. Investors and fans should know about mining data and exchange inflows and outflows on Satsurday..

CEX Deposits and Market Cap


Centralized exchanges (CEX) saw a slight reduction in Bitcoin deposits, with the value hovering around 330,000 BTC. Despite the dip, the market cap remains robust, reinforcing Bitcoin’s standing in the crypto space.

Miner Status: A Mixed Bag


The Miner Value Realized Ratio (MVRV) experienced a red uptick, rising from 2.62 to 2.68. This increase suggests a potential overvaluation of Bitcoin, as the market price exceeds the realized price. Conversely, the Puell Ratio, which assesses mining revenue, showed a green decline from 2.33 to 1.91, pointing to a growth in mining profitability.

ETF Market Share Decline


Grayscale’s Bitcoin ETF market share fell below the 50% mark, likely due to increased competition and investor cash outs. This shift reflects the diversifying landscape of Bitcoin-related investment products.

DEX Development


SatoshiDEX, the first decentralized exchange (DEX) built on the Bitcoin network, successfully secured over $1 million in its pre-sale round. This milestone is a significant step towards greater decentralization in Bitcoin trading and could reshape the future of exchange operations.

Mining Industry Expansion


Marathon Digital announced an expansion of its Bitcoin mining operations with a new Texas acquisition, signaling confidence in the long-term viability of Bitcoin mining in the United States.

Record Mining Difficulty


The Bitcoin network’s mining difficulty reached an all-time high, emphasizing the increasing competition and security within the mining sector. High difficulty levels are indicative of a healthy and robust network but can also signal higher costs for miners.

Insights for Investors


The Spent Output Profit Ratio (aSOPR) dipped to 1.06, indicating that more investors are selling Bitcoin for a profit. Additionally, exchange inflow has decreased from 335K to 330K

See you all in the next edition of The Satsurday

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!

Author

Leave a Reply

Your email address will not be published. Required fields are marked *