BTC muestra una sobreventa, aunque las condiciones comerciales han sido irregulares en los últimos días.
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Bitcoin Selling Pressure Continues As Long-Term Holder SOPR Spikes Up
On-chain data shows the Bitcoin long-term holder SOPR has recently observed spikes, suggesting that this cohort is still continuing to sell.
Bitcoin Long-Term Holder SOPR Spiked Up When Price Crossed $30k
As pointed out by a CryptoQuant post, selling pressure in the market still looks to be high as long-term holders are also looking to sell.
The “spent output profit ratio” is an indicator that tells us whether the overall market is selling Bitcoin at a profit or loss right now.
The metric works by checking the on-chain history of each coin being sold to see what price it last moved at. It then divides the current price (that is, the selling price) with the last price.
When the value of this ratio is greater than one, it means investors are, on an average, selling at a profit at the moment.
On the other hand, values of the indicator less than one imply that the Bitcoin market as a whole is realizing loss currently.
A cohort of BTC investors is the “long-term holder” (LTH) group, who hold their coins for at least 155 days before selling.
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The “LTH SOPR” tells us about profit or loss realization from specifically this group. Here is a chart that shows the trend in this indicator (EMA 144) over the past month:
It seems like the value of the metric has observed some spikes recently | Source: CryptoQuant
As you can see in the above graph, the Bitcoin long-term holder SOPR (EMA 144) had a couple of spikes in the last few days.
One took place on 13th May, while the other occurred on the 18th. During both these instances, the price had crossed $30k shortly before.
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This means that LTHs have been feeling pressure in the current market to realize their profits as soon as the price reaches above $30k.
Usually, Bitcoin long-term holders are the least likely cohort to sell. So, selling pressure from this group can prove to be bearish for the crypto’s price.
BTC Price
At the time of writing, Bitcoin’s price floats around $29.4k, up 3% in the last seven days. Over the past month, the crypto has lost 28% in value.
The below chart shows the trend in the price of the coin over the last five days.
Looks like the price of the crypto has seen some decline over the past two days | Source: BTCUSD on TradingView
Over the past week, Bitcoin has mostly consolidated around the $30k mark, failing to gain any ground above the mark. As long as selling at the level continues, the crypto won’t be able to make any real recovery.
Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com
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Exchange Inflows Rock Bitcoin, Ethereum As Market Struggles To Recover
With the market in turmoil, digital assets such as Bitcoin and Ethereum are seeing their prices challenged in ways that have sent shivers down the spines of investors. The downtrend had triggered massive sell-offs that had sent prices towards yearly lows. Despite the volume already being sold off, sellers look to not be done yet. This is evidenced by the volume of Bitcoin and Ethereum that has been making its way to centralized exchanges recently.
Bitcoin, Ethereum Rocked By Inflows
The inflows had been growing steadily recently and given the volume that has been going into exchanges, this growth is alarming. Top coins Bitcoin and Ethereum usually hold up best when it comes to markets like this, and though they have held up, investors seem unconvinced that they would continue to do so. This is one of the reasons why the inflows have been massive.
Data shows that more than $1.4 billion worth of Bitcoin has flowed into centralized exchanges in the last 24 hours alone. Although this is a decline from the previous day when $1.7 billion in BTC had been moved into exchanges, it significantly surpassed the outflow rate compared to the previous day.
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Outflows for bitcoin for the last 24 hours came out to $1.2 billion. What this led to was a positive net flow of $233 million.
Ethereum was not left out of this either. If anything, the second-largest cryptocurrency by market cap has been worse hit by exchange inflows. For the previous day, its inflows had touched $569 million. But unlike Bitcoin, it did not record enough outflows to offset this figure.
BTC continues downtrend | Source: BTCUSD on TradingView.com
This would continue into the Wednesday market which saw $658.2 million flowing into centralized exchanges. In the same time period, there was $651.1 million flowing out of the exchanges, which left a positive network of $7.2 million.
USDT Outflows Spell Selling
One way to indicate if investors are selling or buying Bitcoin, Ethereum, and other digital assets is through the stablecoin inflow, and lately, this flow rate has been anything but encouraging. Tuesday saw $1.1 billion USDT flowing into exchanges, marking a significant figure but the outflows came out higher. In total, there was $1.7 billion in USDT leaving exchanges, resulting in a negative $612.1 million net flow.
Related Reading | Funding Rates Fall To Yearly Lows Following Bitcoin’s Fall Below $29,000
What metrics like this show is that investors are likely turning their volatile cryptocurrencies into these stablecoins and moving them out of the exchanges for safekeeping. Mostly to provide shelter from a highly volatile market.
Nevertheless, the USDT volumes from the last 24 hours are beginning to paint a slightly better picture. While outflows had reached as high as $738.5 million for the past day, inflows were $871.4 million, a positive net flow of $132.9 million. If this trend continues, then the current selling trend could well be turned around into a buyer’s that would hopefully trigger a recovery in the market.
Daily On-Chain Exchange Flow#Bitcoin $BTC
$1.4B in
$1.2B out
Net flow: +$223.0M#Ethereum $ETH $658.2M in $651.1M out Net flow: +$7.2M#Tether (ERC20) $USDT $871.4M in $738.5M out Net flow: +$132.9Mhttps://t.co/dk2HbGwhVw
— glassnode alerts (@glassnodealerts) May 19, 2022
Featured image from News Central TV, chart from TradingView.com
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Ethereum Prepares For Ropsten Testnet Merge As Token Struggles To Hold $2k Support
The Ethereum 2.0 update is generating a lot of buzz and interest, and we’re getting closer to its launch than ever before.
Ethereum 2.0 Goes To Testnet
Testing for Ethereum’s long-awaited Merge is progressing, though not at the rate that many had hoped. Testing on Ropsten, Ethereum’s largest and primary testnet, which has the closest similarity to the mainnet, is the next key milestone in the Merge testing process.
Ropsten testing will be merged on June 8, according to Ethereum client developers. Although there is no official indication on when the Merge will take place on mainnet, it is expected to happen in the second part of this year.
On Monday, Ethereum DevOps developer Parathi Jayanathi submitted a pull request for the Ropsten testnet Merge configuration code, indicating that it is ready for implementation.
The Merge is Ethereum’s long-awaited upgrade, in which the current Ethereum Mainnet and the beacon chain PoS system will merge.
Because it has a comparable network structure to the Ethereum Mainnet, this testnet is considered the best replication. Developers may now perform realistic deployment testing before making changes to the mainnet.
The Ropsten testnet Merge will combine the proof-of-work (PoW) network with a new proof-of-stake (PoS) consensus layer testnet, with a May 30 launch date. It will simulate what will happen when Ethereum and the Beacon Chain merge and the network becomes a PoS network.
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Testing how the merge would work on Ethereum’s main public testnet would be one of the final assessments. As a result, the Ropsten public testnet is regarded as the most accurate clone of the Ethereum Mainnet, as it uses a similar network structure and allows developers to test their work in a live environment.
Online, community developers have expressed their enthusiasm for the testnet announcement. According to Preston Van Loon, an Ethereum core engineer at Prysmatic Labs:
Ropsten testnet is getting merged on June 8!
Merging Ropsten is a huge testing milestone towards Ethereum's mainnet merge later this year. 
https://t.co/X7eLIMA72g
— prestonvanloon.eth @ Permissionless (@preston_vanloon) May 18, 2022
Price Fails To Hold $2K
ETH is dropping inside a falling wedge on a daily time frame (in yellow). It’s worth noting that the wedge bottom is lined with the $1700 horizontal support level (in green), which could signal a trend reversal.
As a result, if the bulls can hold the green zone, the price will be more likely to rise towards the $2450 level of static resistance. The price is more likely to begin a protracted regression phase if the bears continue to suppress the market and breach below the green support zone.
ETH is trading on dynamic support (in green) against Bitcoin, which has blocked additional price decreases four times in the past.
The world’s second-largest cryptocurrency, down 4.1 percent in the last 24 hours to US$1,974, has lost 48% of its value since 2022.
ETH/USD trades below $2k. Source: TradingView
And crypto investors who bought on November 16, 2017, when the Ethereum price was at an all-time high of US$4,892, will have lost just over 60% of their investment.
Ethereum’s market cap has decreased to US$236 billion from well over half a trillion dollars at its height, despite maintaining its number two position.
Related Reading | Bitcoin Indicator Hits Historical Low Not Seen Since 2015
Featured image from iStockPhoto, Charts from TradingView.com
