On-Chain Weekly: Bitcoin Sentiment Changes to Neutral

Welcome to another edition of On-Chain Weekly, where we review the on-chain metrics for Bitcoin and Ethereum, as well as go over the top stories in crypto.

4 months ago   •   3 min read

By Peter Foy

Welcome to another edition of On-Chain Weekly, where we review the on-chain metrics for both BTC and ETH, as well as go over the top stories in crypto.

The following on-chain metrics and top stories can all be found in the MLQ app, which provides crypto news from 50+ sources, on-chain analysis for 1000+ crypto assets, blockchain data, and more.

Bitcoin On-Chain Analysis: Mostly Neutral

This week we can see the on-chain metrics for bitcoin have changed from bearish last week to mostly neutral, with 2 bearish signals, 1 neutral, and 2 bullish. These on-chain metrics are slighly more bullish than last week, which makes sense given that the $40k support has held all week after several weeks of decline.

One of the main changes from last week is the Futures Market Momentum shift from bearish to bullish. Futures Market Momentum is a signal that combines the futures price, volume, and open interest to assess a bullish or bearish sentiment.

BTC Mostly Neutral (2 bearish, 1 neutral, 2 bullish)

Source: MLQ App

If you want to learn more about what each of these on-chain metrics means, you can find definitions for each in our guide on crypto on-chain analysis.

On-Chain Signals

  • Net Network Growth: 0.31% Bullish
  • In the Money: 0.21% Neutral
  • Concentration: 0.07% Neutral
  • Large Transactions: -0.10% Bearish

Derivatives

  • Futures Market Momentum: 0.25 Bullish

Ethereum On-Chain Analysis: Mostly Bearish

We can see the on-chain sentiment for ETH is still mostly bearish like last week. In terms of the sentiment changes from last week, we can see that both the New Network Growth and Large Transactions metrics have flipped from bullish to bearish, while concentration has changed bullish.

ETH Mostly Bearish (2 bearish, 2 neutral, 1 bullish)

Source: MLQ App

On-Chain Signals

  • Net Network Growth: 0.36% Bearish
  • In the Money: 0.39% Neutral
  • Concentration: 0.02% Bullish
  • Large Transactions: 0.78% Bearish

Derivatives

  • Futures Market Momentum: 0 Neutral

Top Stories in Crypto

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How Spiral, Jack Dorsey’s Rebranded Bitcoin Company, Is Accelerating Adoption
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AI-generated NFTs Are Sure To Be a Game Changer in the NFT Sector
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That's all for this edition of On-Chain Weekly. If you want to see more top stories and on-chain analysis of crypto assets, you can sign up for a free account to the MLQ app here.

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