Bitcoin’s social activity continues to climb. However, this should not be taken as a bullish sign as the outlook remains predominantly bearish Data from the cryptocurrency social analytics platform LunarCrush revealed a surge in Bitcoin’s [BTC] social activity following the collapse of cryptocurrency exchange FTX. We are noticing increased #Bitcoin social activity following the collapse […]
, the BTC exchange reserve on Binance had rallied in the past few days. This showed that investors took to depositing a net amount of their BTC holdings to Binance for the purposes of withdrawal since FTX collapsed.In addition, BTC’s funding rates remained extremely negative as of this writing, per CryptoQuant.
This revealed that negative bias continued to trail the leading coin as more holders bet on a further price decline.In the past two days, investors’ sentiment about BTC remained negative as the king coin traded in the $16,000 and $16,500 price range. Data fromAs regards profitability, BTC’s MVRV ratio has remained negative since the collapse of FTX. This showed that holders saw losses on their investments, and any attempts to sell at the current price would be met with no gains on investments.
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