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This Major Bitcoin Metric Just Turned Bullish Once Again; Here’s What It Means For Price
The post This Major Bitcoin Metric Just Turned Bullish Once Again; Here’s What It Means For Price appeared on BitcoinEthereumNews.com. An analyst recently hinted that a rare Bitcoin (BTC) on-chain indicator, known as the Puell Mutiple, is turning bullish, suggesting a rally is underway. Following this development, several investors have intensified their efforts to get an ETF token, ETFswap (ETFS), in the presale stage ahead of the bullish cycle. This article focuses on the on-chain indicator that turned bullish and why investors choose to invest in ETFswap (ETFS) among the flurry of assets in the crypto market. CryptoQuant Analyst Reveals Bitcoin Puell Multiple Metric Dropping To Lows An analyst that identifies as Crypto Dan has, in a quick-take post on CryptoQuant, pointed out that Bitcoin Puell Multiple, a metric that monitors the ratio between Bitcoin (BTC) miner revenue and its 365 days moving average (MA), has plunged to new lows recently. Bitcoin (BTC) miners validate the network and receive rewards for their hard work through block rewards and transaction fees. When the Puell Multiple metric value is higher than 1, Bitcoin (BTC) miners earn higher rewards. However, when the Puell Multiple value is below one, Bitcoin (BTC) miners earn less, making mining unprofitable. The silver lining, though, is that a careful study of the Bitcoin Puell Multiple metric over the years shows that a surge in price often follows a crash in miner revenue. Therefore, if history repeats itself, the recent drop in the Bitcoin Puell Multiple metric value, according to Crypto Dan, would birth a rally for Bitcoin (BTC) around Q3 of 2024. However, currently, Bitcoin (BTC) hovers around the $57,000 mark, according to Coinmarketcap. Investors Rush To ETFSwap (ETFS) Ahead Of Crypto Rally ETFswap (ETFS), a crypto ETF trading platform that offers traders the unique option of trading tokenized exchange-traded funds (ETFs), has recently seen an influx of investors into its ecosystem in its ongoing presale. The investors…
The post This Major Bitcoin Metric Just Turned Bullish Once Again; Here’s What It Means For Price appeared on BitcoinEthereumNews.com.
An analyst recently hinted that a rare Bitcoin (BTC) on-chain indicator, known as the Puell Mutiple, is turning bullish, suggesting a rally is underway. Following this development, several investors have intensified their efforts to get an ETF token, ETFswap (ETFS), in the presale stage ahead of the bullish cycle. This article focuses on the on-chain indicator that turned bullish and why investors choose to invest in ETFswap (ETFS) among the flurry of assets in the crypto market. CryptoQuant Analyst Reveals Bitcoin Puell Multiple Metric Dropping To Lows An analyst that identifies as Crypto Dan has, in a quick-take post on CryptoQuant, pointed out that Bitcoin Puell Multiple, a metric that monitors the ratio between Bitcoin (BTC) miner revenue and its 365 days moving average (MA), has plunged to new lows recently. Bitcoin (BTC) miners validate the network and receive rewards for their hard work through block rewards and transaction fees. When the Puell Multiple metric value is higher than 1, Bitcoin (BTC) miners earn higher rewards. However, when the Puell Multiple value is below one, Bitcoin (BTC) miners earn less, making mining unprofitable. The silver lining, though, is that a careful study of the Bitcoin Puell Multiple metric over the years shows that a surge in price often follows a crash in miner revenue. Therefore, if history repeats itself, the recent drop in the Bitcoin Puell Multiple metric value, according to Crypto Dan, would birth a rally for Bitcoin (BTC) around Q3 of 2024. However, currently, Bitcoin (BTC) hovers around the $57,000 mark, according to Coinmarketcap. Investors Rush To ETFSwap (ETFS) Ahead Of Crypto Rally ETFswap (ETFS), a crypto ETF trading platform that offers traders the unique option of trading tokenized exchange-traded funds (ETFs), has recently seen an influx of investors into its ecosystem in its ongoing presale. The investors…
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