This key Bitcoin (BTC) metric reaches tipping point BTC $BTC
also made the case that another key Bitcoin metric points to an inflection point, signaling a changing of the tide.
Glassnode says that the current structure of the Bitcoin RHODL ratio suggests a notable abrupt rotation of capital beginning from the FTX collapse, with coins shifting from long-term holders toward a new cohort of buyers. "This sharp decline in the RHODL ratio can be seen in prior cycles to be an inflection point, suggesting a changing of the tides," Glassnode stated.
Another popular valuation model for Bitcoin is the Market Value to Realized Value Ratio. MVRV is currently trading at 1.4, which aligns more closely with a recovery phase, Glassnode said in its weekly report.The price of Bitcoin tends to move up toward the top of its recent range of about $28,000. Early on Wednesday, the biggest cryptocurrency by market value reached intraday highs of $28,799.
Since breaking through that barrier last month for the first time since June, Bitcoin has been trading at around $28,000.
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